Coupled Dynamics in the Phillips Machine Model of the Macroeconomy
In this paper it is claimed that the Phillips machine is a nonlinear mechanism. Phillips (1950) presented his machine as being described with a linear differential equation. In this paper it is claimed that the machine is better described with a system of nonlinear difference.-differential equations. This system itself is approximated by a set of nonlinear differential equations. This differential equations are of the Hicks-Goodwin flexible multiplier accelerator type. Consistently with this conjecture and following Phillips’ suggestion we have presented a ‘digital’ simulation of two coupled would-be Phillips machines.
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| Date of creation: | 2010 |
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| Handle: | RePEc:trn:utwpas:1011 |
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