Keynesian monetary growth dynamics in open economies

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dc.contributor.author Chiarella, C
dc.contributor.author Flaschel, P
dc.date.accessioned 2011-02-07T06:26:05Z
dc.date.issued 1999
dc.identifier.citation Annals of Operations Research, 1999, 89 pp. 35 - 59
dc.identifier.issn 0254-5330
dc.identifier.other C1UNSUBMIT en_US
dc.identifier.uri http://hdl.handle.net/10453/13928
dc.description.abstract We investigate an open economy monetary growth model with sluggish price and quantity adjustments. It integrates the real dynamics of Rose's employment cycle, an inflationary dynamics of Cagan type, Metzlerian inventory dynamics and Dornbusch's exchange rate dynamics, implying eight laws of motion, two for each subdynamics. These intrinsically nonlinear 8D dynamics are asymptotically stable for low adjustment speeds of prices and expectations, give rise to Hopf bifurcations as these adjustment parameters are increased and lead to cyclically explosive behavior thereafter. Two extrinsic nonlinearities are therefore added, one in capital flows and the other a kinked Phillips curve. These two nonlinearities modify the dynamics radically, limiting them to economically meaningful domains even for extreme parameter choices.
dc.language eng
dc.title Keynesian monetary growth dynamics in open economies
dc.type Journal Article
dc.description.version Published
dc.parent Annals of Operations Research
dc.journal.volume 89
dc.journal.number en_US
dc.publocation Bussum en_US
dc.identifier.startpage 35 en_US
dc.identifier.endpage 59 en_US
dc.cauo.name BUS.School of Finance and Economics en_US
dc.conference Verified OK en_US
dc.for 140199 Economic Theory Not Elsewhere Classified
dc.personcode 716350
dc.percentage 100 en_US
dc.classification.name Economic Theory not elsewhere classified en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity en_US
dc.location.activity ISI:000081261500004 en_US
dc.description.keywords Employment cycles
dc.description.keywords Keynesian monetary growth
dc.description.keywords Open economy macrodynamics
dc.description.keywords Relaxation oscillations
pubs.embargo.period Not known
pubs.organisational-group /University of Technology Sydney
pubs.organisational-group /University of Technology Sydney/Faculty of Business
pubs.organisational-group /University of Technology Sydney/Faculty of Business/Finance
pubs.organisational-group /University of Technology Sydney/Strength - Quantitative Finance
utslib.copyright.status Closed Access
utslib.copyright.date 2015-04-15 12:17:09.805752+10
pubs.consider-herdc false
utslib.collection.history Closed (ID: 3)


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