The Structure of Keynesian Macrodynamics: A Framework for Future Research

Carl Chiarella, Peter Flaschel and Peiyuan Zhu

No 129, Working Paper Series from Finance Discipline Group, UTS Business School, University of Technology, Sydney

Abstract: This paper integrates a number of traditional but partial insights of Keynesian macrotheory into a consistent whole, with all budget restrictions of all sectors carefully specified, a complete set of stock-flow interactions and the construction of a unique interior steady state. We provide detailed representations of the many feedback chains and their interaction that are present in the model. The paper provides proper foundations of a detailed analysis of the important macroeconomi features that characterize modern large economies.

Date: 2003-05-01
New Economics Papers: this item is included in nep-hpe and nep-pke
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