Business Cycle Theory

Gabisch, Günter; Lorenz, Hans-Walter

doi:10.1007/978-3-642-74715-1

Cited by 97 publications

(12 citation statements)

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“…Tato práce navázala na výsledky dřívějších studií v této oblasti, jejich autoři jsou např. Timbergem (1930), Goodwin (1951), Phillips (1954), Allen (1956) a Gabisch a Lorenz (1989). První rovnice je rovnicí pro dynamiku peněžního trhu, kde nerovnováha mezi peněžní nabídkou a poptávkou působí na vývoj cen.…”

Section: Obecná Formulace Modeluunclassified

An Inflation Analysis Using an Endogenous Business Cycle Model

Kodera¹,

Tran²

2016

Politicka ekonomie

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An Inflation Analysis Using an Endogenous Business Cycle ModelIn this article we analyze the continuous inflation dynamics using a four-equation model. When constructing the model, the traditional Kaldorian two-equation model is extended by adding two other equations. One of them describes an adaptive inflation expectations and the other continuous dynamics of the money market. In this setting, the instability velocity of money circulation is assumed due to the effects of expected inflation on money circulation velocity. Then the parameters of the model are estimated using the real Czech economic data. As it is a non-linear model in its parameters, a non-linear estimation technique is used for this purpose. Further, the stationarity as well as the stability of the estimated model is thoroughly examined as its instability may indicate that the model can generate some complex dynamics. ÚvodStávající hlavní proud ekonomické vědy je zastoupený především modely dynamické stochastické celkové rovnováhy -tzv. modely DSGE vycházející ze zásadní práce o reálném hospodářském cyklu od Kydlanda a Prescotta (1982), která je postavena na mikroekonomickém základě. Pojetí celkové rovnováhy je mikroekonomickou konstrukcí, kdy spotře-bitel maximalizuje užitkovou funkci při daném rozpočtovém omezení a výrobce maximalizuje zisk při technologickém omezení, které je dáno produkční funkcí. Struktura modelu je uzavřena rovnicemi tržní rovnováhy. Ceny a mzdy v modelech DSGE jsou pružné, tj. okamžitě vyrovnávají komoditní a pracovní trh, nebo nepružné tj. jsou pomalu adaptovány různými mechanismy adaptace (např. Calvův adaptační mechanismus). Modely s nepružným cenovým a mzdovým mechanismem jsou obvykle nazývány modely nové keynesovské ekonomie. Tvary užitkových a produkčních funkcí jsou v modelech DSGE *1 Jan Kodera, Quang Van Tran (jan.kodera@vse.cz; tran@vse.cz), Vysoká škola ekonomická v Praze, Fakulta financí a účetnictví. Tento článek byl zpracován v rámci institucionální podpory výzkumu na Fakultě financí a účetnictví VŠE v Praze č. IP 100040.

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Section: Obecná Formulace Modeluunclassified

An Inflation Analysis Using an Endogenous Business Cycle Model

Kodera¹,

Tran²

2016

Politicka ekonomie

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“…Kaldor's model is frequently presented in many works on modern business cycle theory, for example, Gabisch and Lorenz (1989);Lorenz (1994) and Franke, Semmler (1997). These eminent works provide an analysis and further upgrading of Kaldor's model.…”

Section:  369mentioning

confidence: 99%

Complex Price Dynamics in the Modified Kaldorian Model

Kodera¹,

Tran²,

Vošvrda³

2013

Prague Economic Papers

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Abstract:In this article we analyse a neoclassical model of infl ation. Our aim is to reconstruct the neoclassical theory of infl ation to obtain a model which generates non-periodical oscillations of price level. This model is considered to be a realistic approximation of actual price level evolution. We start our analysis with the Fisherian equation of exchange. The assumption on non-variability of the velocity of money circulation parameter is relaxed in favour of dependence on expected infl ation. The resulting model of infl ation is a two-equation model where price evolution depends on production dynamics which is assumed to be an exogenous variable. After that, the two-equation model is re-formulated as an autonomous system to a model where production dynamics is determined by a Kaldorian type's model. By adding Kaldor's model to the two equation system, we create a four equation model. Both our models are able to generate more complex dynamics, i.e. non-linear cycles and chaos, which we examine by generating time series from numerical example and analyse them with the help of an advanced non-linear method.

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“…The short line interior to the closed curve is the transitory part of the trajectory; it is possible to detect from Fig. 6 that the solution converges to a closed cycle, which is followed counter clockwise, whose period is approximately equal to 17, while the intervals into which the state variables take their values are [232, 373] for K, and [3,7] for w. The stationary solution, of course, is given by a point which is interior to the area enclosed by the cycle shown in Fig. 6.…”

Section: Numerical Simulationsmentioning

confidence: 99%

“…In Section 3, to clearly ground the macro-model which is the main object of the paper, we summarize the most classical of all macro-models proposed by economists, namely the model conceived in the same year 1956, by Solow and by Swan. 3 In Section 4 the model will be submitted to a short general analysis, while in Section 5 we shall present some numerical simulations for some interesting cases, allowing to verify the existence of endogenous business cycles or, in other cases, the convergence of the solution paths to a stationary equilibrium, with or without cyclic oscillations which are damped. Finally, Section 6 presents some conclusions and a proposal to reformulate and analyse the model in discrete time.…”

Section: Introductionmentioning

confidence: 99%

Micro-founded macro-models and labour market

Nicola

2006

Chaos, Solitons & Fractals

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Business Cycle Theory

Cited by 97 publications

References 0 publications

An Inflation Analysis Using an Endogenous Business Cycle Model

An Inflation Analysis Using an Endogenous Business Cycle Model

Complex Price Dynamics in the Modified Kaldorian Model

Micro-founded macro-models and labour market

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