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| Author: | Chiarella, C. Flaschel, P. |
| Title: | Real and monetary cycles in models of Keynes-Wicksell type |
| Journal: | Journal of Economic Behavior and Organization
1996 : SEP, VOL. 30:3, p. 327-352 |
| Index terms: | ECONOMIC BEHAVIOUR ORGANIZATION MONEY |
| Language: | eng |
| Abstract: | The authors formulate a descriptive dynamic macroeconomic model of the Keynes-Wicksell type which incorporates goods, labour and financial markets. The model has well specified budget constraints with respect to the economic agents (households, firms and government) within it. The authors introduce some standard nonlinearities into the goods and labour markets. The dynamics of the general model consist of five differential equations; the authors analyse two- and three-dimensional subcases to show the existence of real and monetary cycles whose interaction will determine the full dynamics. |
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