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.
|Date of creation:||2010|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://www.assru.economia.unitn.it/index.html
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:trn:utwpas:1011. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (firstname.lastname@example.org)
If references are entirely missing, you can add them using this form.