Towards Applied Disequilibrium Growth Theory: I The Starting Model

Carl Chiarella and Peter Flaschel

No 93, Working Paper Series from Finance Discipline Group, UTS Business School, University of Technology, Sydney

Abstract: In this paper we build a hierarchically structured continuous-time model of Keynesian monetary growth. The model is sufficiently rich with respect to markets, sectors and agents and consistent with respect to budget constraints to capture sufficient broad details of actual macroeconomies and so serve as a macrotheoretic basis for many large scale models. We describe the model at the level of national accounts and then derive its extensive form dynamics. We also give detailed discussion as to how our model is related to the large scale Murphy model of the Australian economy. Our model provides a basis for understanding the various economic feedback chains contained in such models and their dynamic interaction.

Pages: 59 pages
Date: 1999-11-01
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Citations: View citations in EconPapers (6)

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