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Produkt, kapitál a cenový pohyb v jednoduchém modelu uzavřené ekonomiky
[Product, capital stock and price dynamics in a simple model of closed economy]

Author

Listed:
  • Jan Kodera
  • Miloslav Vošvrda

Abstract

A purpose of this paper is to formulate a continuous dynamical model for a small closed economy with a simple structure and with a minimum number of non-linearities. A basis of this model is developed from dynamical Kaldorian model. Variables in the modified dynamical Kaldorian model are in a logarithm scale. A form of the logistic function is used for non-linear connections in this model. The model is formed by four differential equations. First two equations create relatively closed sub-model generating both production and capital stock trajectories. Two other equations describe the price level dynamics as a consequence of money market disequilibrium and continuously adaptive expectation of inflation. Our investigation is firstly aimed to investigate a dynamics of the production and capital stock. Secondly to compute Ljapunov exponents for a simple model of closed economy showing its a chaotic behavior. Simulation studies are performed on numerical calibrated model.

Suggested Citation

  • Jan Kodera & Miloslav Vošvrda, 2006. "Produkt, kapitál a cenový pohyb v jednoduchém modelu uzavřené ekonomiky [Product, capital stock and price dynamics in a simple model of closed economy]," Politická ekonomie, Prague University of Economics and Business, vol. 2006(3), pages 339-350.
    • Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:3:id:562
    DOI: 10.18267/j.polek.562
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    More about this item

    Keywords

    propensity to save; investment ratio; expected inflation; nonlinear system; and price dynamics;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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