Simulation Results and Discussions

Ichiro Takahashi
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Ichiro Takahashi: Chuo University

Chapter Chapter 6 in An Artificial Wicksell—Keynes Macroeconomy, 2021, pp 93-109 from Springer

Abstract: Abstract This chapter examines the stability and fluctuations of the baseline AWK economies. Section 6.1 demonstrates that extremely stable and yet diverse economies emerge in the extended long run due to the hysteresis effects of the model. Section 6.2 discusses the remarkable resilience of the baseline AWK economy despite the substantial long-run fluctuations. Section 6.3 elaborates the short-run dynamics as a preparation for the next chapter. In particular, it focuses on the interaction between real wages and behaviors of Walrasian and Keynesian labor demands.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-16-6839-5_6

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DOI: 10.1007/978-981-16-6839-5_6

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