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http://hdl.handle.net/10071/10488
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Title: A two-dimensional non-equilibrium dynamic model
Authors: Gomes, O.
Keywords: NEDyM
Endogenous business cycles
Nonlinear growth
Keynesian macroeconomics
Cyclical dynamics and chaos
Issue Date: 2009
Publisher: Elsevier
Abstract: This paper develops a non-equilibrium dynamic model (NEDyM) with Keynesian features (it allows for a disequilibrium between output and demand and it considers a constant marginal propensity to consume), but where production is undertaken under plain neoclassical conditions (a constant returns to scale production function, with the stocks of capital and labor fully employed, is assumed). The model involves only two endogenous / prognostic variables: the stock of physical capital per unit of labor and a goods inventory measure. The two-dimensional system allows for a careful analysis of local and global dynamics. Points of bifurcation and long-term cyclical motion are identified. The main conclusion is that the disequilibrium hypothesis leads to persistent fluctuations generated by intrinsic deterministic factors.
Peer reviewed: Sim
URI: https://ciencia.iscte-iul.pt/public/pub/id/22726
http://hdl.handle.net/10071/10488
ISSN: 0954-349X
Publisher version: The definitive version is available at: http://dx.doi.org/10.1016/j.strueco.2009.04.001
Appears in Collections:BRU-RI - Artigos em revistas científicas internacionais com arbitragem científica

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