Neokeynesian and Neoclassical Macroeconomic Models: Stability and Lyapunov Experiments

Jan Kodera (), Karel Sladký () and Miloslav Vošvrda
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Jan Kodera: The University of Economics, Prague, Czech Republic, http://www.vse.cz/

Czech Economic Review, 2007, vol. 1, issue 3, 302-311

Abstract: The non-linear approach to economic dynamics enables us to study traditional economic models using modified formulations and different methods of solution. In this article we compare the dynamic properties of the Keynesian and Classical macroeconomic models. We start with an extended dynamic IS-LM neoclassical model generating the behavior of the real product, the interest rate, expected inflation, and the price level over time. Limiting behavior, stability, and the existence of limit cycles and other specific features of these models will be compared.

Keywords: macroeconomic models; Keynesian and Classical model; non-linear differential equations; linearization; asymptotical stability; Lyapunov exponents (search for similar items in EconPapers)
JEL-codes: C00 E12 E13 (search for similar items in EconPapers)
Date: 2007
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