%0 Journal Article
%T Neokeynesian and Neoclassical Macroeconomic Models: Stability and Lyapunov Experiments
%A Jan Kodera
%A Karel Sladky
%A Miloslav Vo£żvrda
%J AUCO Czech Economic Review
%D 2007
%I Charles University in Prague
%X The non-linear approach to economic dynamics enables us to study traditional economic models using modified formulations and different methods of solution. In this article we compare the dynamic properties of the Keynesian and Classical macroeconomic models. We start with an extended dynamic IS-LM neoclassical model generating the behavior of the real product, the interest rate, expected inflation, and the price level over time. Limiting behavior, stability, and the existence of limit cycles and other specific features of these models will be compared.
%K macroeconomic models
%K Keynesian and Classical model
%K non-linear differential equations
%K linearization
%K asymptotical stability
%K Lyapunov exponents
%U http://auco.fsv.cuni.cz/storage/26_2007_03_302.pdf