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Non-concavity problems in the dynamic macroeconomic models: A note

โœ Scribed by Ryoji Hiraguchi


Book ID
116615259
Publisher
Elsevier Science
Year
2009
Tongue
English
Weight
184 KB
Volume
33
Category
Article
ISSN
0378-4266

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The Phillips curve as a long-run phenome
โœ Luca Colombo; Gerd Weinrich ๐Ÿ“‚ Article ๐Ÿ“… 2003 ๐Ÿ› Elsevier Science ๐ŸŒ English โš– 704 KB

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