Produkt, kapitál a cenový pohyb v jednoduchém modelu uzavřené ekonomiky

Product, capital stock and price dynamics in a simple model of closed economy

Jan Kodera and Miloslav Vošvrda

Politická ekonomie, 2006, vol. 2006, issue 3, 339-350

Abstract: 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.

Keywords: propensity to save; investment ratio; expected inflation; nonlinear system; and price dynamics (search for similar items in EconPapers)
JEL-codes: E44 (search for similar items in EconPapers)
Date: 2006
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DOI: 10.18267/j.polek.562

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