Goodwin's models through viability analysis: some lights for contemporary political economics regulations

Hélène Clément-Pitiot () and Patrick Saint Pierre
Additional contact information
Hélène Clément-Pitiot: CEMI-EHESS Paris
Patrick Saint Pierre: LASTRE Paris

No 100, Computing in Economics and Finance 2006 from Society for Computational Economics

Abstract: Our contribution aims to revisit the most famous Goodwin's models in macroeconomics by the light of set-valued analysis taking into account state and regulation constraints in a viability program. Goodwin 67 and Goodwin 90 models deal with dynamic interactions between employment and salary levels. They provide endogenous explanations of cyclical trends in dynamical economy. Viability methods enable investigating model properties and revealing appropriate regulation allowing the evolution to fulfill some prescribed qualitative objective. Then, applying computational methods derived from the Viability Kernel Algorithm, one can lash the traditional Goodwin model analysis up to the institutional framework of the economy including monetary and budgetary aspects of the regulatory policy from the public authorities, namely the state government, the central bank and eventually the rivalry between the two boards thanks to dynamical games and discriminant analysis

Keywords: viability; out of equilibrium; regulation (search for similar items in EconPapers)
Date: 2006-07-04
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://repec.org/sce2006/up.20930.1139589979.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sce:scecfa:100

Access Statistics for this paper

More papers in Computing in Economics and Finance 2006 from Society for Computational Economics Contact information at EDIRC.
Bibliographic data for series maintained by Christopher F. Baum ().