English, Article edition: PRODUCTION, CAPITAL STOCK, AND PRICE LEVEL DYNAMICS IN THE LIGHT OF KALDORIAN MODEL Jan Kodera; Miloslav Vošvrda

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Physical Description
  • article
Language
  • English

Edition details

Title
  • PRODUCTION, CAPITAL STOCK, AND PRICE LEVEL DYNAMICS IN THE LIGHT OF KALDORIAN MODEL
Author
  • Jan Kodera
  • Miloslav Vošvrda
Physical Description
  • article
Notes
  • The purpose of this paper is to study a price level dynamics in a simple fourequation model. A basis of this model is developed from dynamical Kaldorian model which could be noticed very frequently in works of non-linear economic dynamics. Our approach is traditional. The difference is observed in a choice of an investment function. The investment function depending on the difference of logarithm of production and logarithm of capital (logarithm of the productivity of capital) is in a form of the logistic function. These 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 core model dynamics, i.e., a dynamics of the production and capital stock. Secondly is to analyze dynamics of the model as a whole, i.e., to the first part is superadded the price dynamics and expected inflation dynamics depending on both an adaptation parameter of the commodity market and a parameter of the expectation. Thirdly, we compute Lyapunov exponents for simple model of closed economy showing its chaotic behavior.
  • investment ratio, propensity to save, expected inflation, nonlinear system, price dynamics
  • RePEc:prg:jnlaop:v:2007:y:2007:i:4:id:77:p:79-87
Language
  • English
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