High order disequilibrium growth dynamics: Theoretical aspects and numerical features
نویسندگان
چکیده
We investigate an open monetary growth model with sluggish prices and quantities. The model combines the dynamics of Rose's employment cycle and Metzler's inventory cycle with internal nominal dynamics of Tobin and external nominal dynamics of Dornbusch type, implying eight laws of motion, four for the real sector and four for the nominal part. These intrinsically nonlinear 8D-dynamics are asymptotically stable for low adjustment speeds of prices and expectations, give rise to Hopf-bifurcations as adjustment parameters are increased and explosive behavior thereafter. Extrinsic nonlinearities are therefore added, one in capital #ows and one in wage behavior. These nonlinearities modify the dynamics radically, limiting them to domains with economically plausible outcomes, also for extreme parameter choices, where the dynamics may become chaotic. ( 2000 Elsevier Science B.V. All rights reserved. JEL classixcation: E12; E32
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