The aim of this research is to analyse a Keynesian goods market closed economy by considering a continuous-time setup with fixed delays. The work compares dynamic results based on linear and nonlinear adjustment mechanisms through which the aggregate supply (production) reacts to a disequilibrium in the goods market and consumption depends on income at a preceding date. Both analytical and geometrical (stability switching curves) techniques are used to characterise the stability properties of the stationary equilibrium.
Disequilibrium dynamics in a Keynesian model with time delays / Gori, Luca; Guerrini, Luca; Sodini, Mauro. - In: COMMUNICATIONS IN NONLINEAR SCIENCE & NUMERICAL SIMULATION. - ISSN 1007-5704. - 58:(2018), pp. 119-130. [10.1016/j.cnsns.2017.06.014]
Disequilibrium dynamics in a Keynesian model with time delays
Sodini, Mauro
2018
Abstract
The aim of this research is to analyse a Keynesian goods market closed economy by considering a continuous-time setup with fixed delays. The work compares dynamic results based on linear and nonlinear adjustment mechanisms through which the aggregate supply (production) reacts to a disequilibrium in the goods market and consumption depends on income at a preceding date. Both analytical and geometrical (stability switching curves) techniques are used to characterise the stability properties of the stationary equilibrium.| File | Dimensione | Formato | |
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Gori, Guerrini and Sodini 2018 CNSNS.pdf
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