The aim of this research is to analyse a Keynesian goods market closed economy by con- sidering a continuous-time setup with fixed delays. The work compares dynamic results based on linear and nonlinear adjustment mechanisms through which the aggregate sup- ply (production) reacts to a disequilibrium in the goods market and consumption depends on income at a preceding date. Both analytical and geometrical (stability switching curves) techniques are used to characterise the stability properties of the stationary equilibrium.
Disequilibrium dynamics in a Keynesian model with time delays
GORI, LUCA;
2017-01-01
Abstract
The aim of this research is to analyse a Keynesian goods market closed economy by con- sidering a continuous-time setup with fixed delays. The work compares dynamic results based on linear and nonlinear adjustment mechanisms through which the aggregate sup- ply (production) reacts to a disequilibrium in the goods market and consumption depends on income at a preceding date. Both analytical and geometrical (stability switching curves) techniques are used to characterise the stability properties of the stationary equilibrium.
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