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Dynamical models in economics: The case of inflation

✍ Scribed by R.P.J. Perazzo; S.L. Reich; J. Schvarzer; M.A. Virasoro

Publisher: John Wiley and Sons
Year: 1997
Tongue: English
Weight: 101 KB
Volume: 2
Category: Article
ISSN: 1076-2787
DOI: 10.1002/(sici)1099-0526(199707/08)2:6<54::aid-cplx10>3.0.co;2-j

No coin nor oath required. For personal study only.

✦ Synopsis

We discuss a fully dynamical microeconomic model where inflation appears as the response of an unstable system to stochastic noise and/or time discretisation of the dynamics. In the model economic agents fix prices and production volumes following simple, robust, suboptimal rules. A global parameter (named viability) measures the degree of stability of the system: for sufficiently small values the system flares into inflationary episodes that may become self-sustained and permanent. Our analysis shows that models relying on agents taking decisions on the basis of goods availability will leave undetermined the global level of future activity. Thus the Monetary Mass constraint reappears in this simplistic contex.

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