English, Article edition: PRODUCT, CAPITAL STOCK AND PRICE DYNAMICS IN A SIMPLE MODEL OF CLOSED ECONOMY Jan Kodera; Miloslav Vošvrda

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Bookmark: http://trove.nla.gov.au/version/198094
Physical Description
  • article
Language
  • English

Edition details

Title
  • PRODUCT, CAPITAL STOCK AND PRICE DYNAMICS IN A SIMPLE MODEL OF CLOSED ECONOMY
Author
  • Jan Kodera
  • Miloslav Vošvrda
Physical Description
  • article
Notes
  • 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.
  • propensity to save, nonlinear system, investment ratio, expected inflation, and price dynamics
  • RePEc:prg:jnlpol:v:2006:y:2006:i:3:id:562
Language
  • English
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