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Treasury bill financing in a dynamic macroeconomic model with a government budget constraint

โœ Scribed by David J. Smyth


Book ID
116098871
Publisher
Elsevier Science
Year
1980
Tongue
English
Weight
219 KB
Volume
5
Category
Article
ISSN
0165-1765

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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