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Keynesian Macrodynamics: Convergence, Roads to Instability and the Emergence of Complex Business Fluctuations
Keynesian dynamics wage and price Phillips curves persistent business cycles
2010/12/6
We reformulate the traditional AS-AD growth model, with a Taylor policy rule replacing the conventional LM-curve. The essential features of the model are gradually adjusting wages and prices, perfect ...
Business fluctuations in a credit-network economy
Business fluctuations credit-network economy
2010/10/20
We model a network economy with three sectors: downstream firms, upstream firms, and banks. Agents are linked by productive and credit relationships so that the behavior of one agent influences the be...