Disequilibrium Growth Theory: Foundations, Synthesis, Perspectives

Carl Chiarella and Peter Flaschel

No 85, Working Paper Series from Finance Discipline Group, UTS Business School, University of Technology, Sydney

Abstract: In this paper we survey, also for the general reader interested in the non-market cleaning approach to growth and fluctuations, the foundations, the core model and the general framework underlying our joint work on integrated disequilibrium models of monetary growth, drawing also on joint work with further co-authors in various places. We found the basic working model of this type on appropriately reformulated and extended partial dynamic models already existing in the literature. We then develop the obtained working model further into a theoretical continuous-time disequilibrium growth model of a very general nature. We then show that there are strong relationships between our general model and models currently used for structural macroeconomic model-building and their applications. In this way we want to contribute both to the further development and analysis of full-sized theoretical models of disequilibrium growth and to the theoretical penetration of their modern counterparts in the applied literature. Such development and analysis is based on detailed steady state analyses, on use of theoretical investigations of all important subdynamics that are there involved (in isolation as well as in their interaction) and, on computer simulations based on a variety of modern numerical tools of nonlinear dynamical analysis.

Keywords: supply side growth cycles; demad side fluctuations in employment and inflation; complete Keynesian models of growth and fluctuations; applicable integrated macrodynamics; macroeconomic model building (search for similar items in EconPapers)
JEL-codes: E12 E32 (search for similar items in EconPapers)
Pages: 110 pages
Date: 1999-03-01
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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