Product, capital stock and price dynamics in a simple model of closed economy
Bibliographic Data
| ID | 6109098 |
|---|---|
| Authors | Jan Kodera (Association for Language Learning), Miloslav Vošvrda (0000-0001-9821-9059) |
| Year | 2006 |
| Volume | 54 |
| Issue | 3 |
| Pages | 339-350 |
| Publication date | 2006-06-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Politická ekonomie (JOURNAL) |
| Journal identifiers | ISSN: 0032-3233 • E-ISSN: 2336-8225 |
| Publisher | Prague University of Economics and Business (PUBLISHER • CZ) |
| DOI | 10.18267/j.polek.562 |
| OpenAlex | W2325426845 |
| Language | EN |
| Citations received | 2 |
| References cited | 2 |
A purpose of this paper is to formulate a continuous dynamical model for a small closed economy with a simple structure and with a minimum number of non-linearities. A basis of this model is developed from dynamical Kaldorian model. Variables in the modified dynamical Kaldorian model are in a logarithm scale. A form of the logistic function is used for non-linear connections in this model. The model is formed by four differential equations. First two equations create relatively closed sub-model generating both production and capital stock trajectories. Two other equations describe the price level dynamics as a consequence of money market disequilibrium and continuously adaptive expectation of inflation. Our investigation is firstly aimed to investigate a dynamics of the production and capital stock. Secondly to compute Ljapunov exponents for a simple model of closed economy showing its a chaotic behavior. Simulation studies are performed on numerical calibrated model
Chaotic · Disequilibrium · Econometrics · Economics · Logarithm · Mathematical analysis · Simple (philosophy) · Stock (firearms) · Complex Systems and Time Series Analysis · Economic theories and models · Economic Theory and Policy · Mathematics
| Citations per year | 0.13 |
|---|---|
| Citation span | 2011 - 2016 (6) |
| Highly cited | No |