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Towards Applied Disequilibrium Growth Theory: I The Starting Model

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Author Info
Carl Chiarella () (School of Finance and Economics, University of Technology, Sydney)
Peter Flaschel (Department of Economics, University of Bielefeld)

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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.

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File URL: http://www.business.uts.edu.au/finance/research/wpapers/wp93.pdf
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Publisher Info
Paper provided by School of Finance and Economics, University of Technology, Sydney in its series Working Paper Series with number 93.

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Date of creation: 01 Nov 1999
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Handle: RePEc:uts:wpaper:93

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  1. Carl Chiarella & Peter Flaschel, 2003. "Towards Applied Disequilibrium Growth Theory: V Housing Investment Cycles, Private Debt Accumulation and Deflation," Working Paper Series 97, School of Finance and Economics, University of Technology, Sydney. [Downloadable!]
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