Neo-keynesian and Neo-classical Macroeconomic Models: Stability and Lyapunov Exponents

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Title:Neo-keynesian and Neo-classical Macroeconomic Models: Stability and Lyapunov Exponents
Creators:
Kodera, Jan
Sladký, Karel
Vošvrda, Miloslav
Journal or Publication Title:
AUCO Czech Economic Review, 1, 3, pp. 302-312
Uncontrolled Keywords:macroeconomic models, Keynesian and Classical model, non-linear differential equations, linearization, asymptotical stability, Lyapunov exponents

Abstract

The non-linear approach to economic dynamics enables us to study traditional economic models using modified formulations and different methods of solution. In this article we compare the dynamic properties of the Keynesian and Classical macroeconomic models. We start with an extended dynamic IS-LM neoclassical model generating the behavior of the real product, the interest rate, expected inflation, and the price level over time. Limiting behavior, stability, and the existence of limit cycles and other specific features of these models will be compared.

Official URL: http://www.ceeol.com/aspx/issuedetails.aspx?issueid=D4F9AADE-5C65-4E11-80F4-D34C7C0CD667&articleid=6A105A4D-006C-4D5C-9004-6719A46FDDBD

Title:Neo-keynesian and Neo-classical Macroeconomic Models: Stability and Lyapunov Exponents
Creators:
Kodera, Jan
Sladký, Karel
Vošvrda, Miloslav
Uncontrolled Keywords:macroeconomic models, Keynesian and Classical model, non-linear differential equations, linearization, asymptotical stability, Lyapunov exponents
Subjects:H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
H Social Sciences > HF Commerce
Divisions:Section of external journals > AUCO Czech Economic Review
Journal or Publication Title:AUCO Czech Economic Review
Volume:1
Number:3
Page Range:pp. 302-312
ISSN:1802-4696
Publisher:Charles University
Related URLs:
URLURL Type
http://auco.cuni.czPublisher
http://avi.lib.cas.cz/node/183Publisher
ID Code:4310
Item Type:Article
Deposited On:01 Jun 2009 18:32
Last Modified:01 Jun 2009 16:32

Citation

Kodera, Jan; Sladký, Karel; Vošvrda, Miloslav (2007) Neo-keynesian and Neo-classical Macroeconomic Models: Stability and Lyapunov Exponents. AUCO Czech Economic Review, 1 (3). pp. 302-312. ISSN 1802-4696

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