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Defending Gibrat’s Law as a long-run regularity

✍ Scribed by Francesca Lotti; Enrico Santarelli; Marco Vivarelli

Book ID
106526069
Publisher
Springer US
Year
2007
Tongue
English
Weight
254 KB
Volume
32
Category
Article
ISSN
0921-898X

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In this paper we derive a Phillips curve as the image of a chaotic attractor of the state variables of a non-linear dynamical system describing the evolution of an economy. This has two important consequences: the Phillips curve in our model is a true long-run phenomenon, but to exploit the apparent