Inflation and speculation in a dynamic macroeconomic model Inflation et spéculation dans un modèle macroéconomique dynamique
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6 juillet 2015
- handle: 10670/1.m2oohx
- hal: hal-01097661
- ARXIV: 1412.7500
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info:eu-repo/semantics/altIdentifier/arxiv/1412.7500
info:eu-repo/semantics/OpenAccess
Mots-clés
Minsky's financial instability hypothesis Keen model stock-flow consistency financial crisis dynamical systems in macroeconomics local stability limit cycles G - Financial Economics/G.G0 - General/G.G0.G01 - Financial Crises E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E44 - Financial Markets and the Macroeconomy C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling/C.C6.C62 - Existence and Stability Conditions of EquilibriumCiter ce document
Matheus R. Grasselli et al., « Inflation et spéculation dans un modèle macroéconomique dynamique », HAL-SHS : économie et finance, ID : 10670/1.m2oohx
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Résumé
We study a monetary version of the Keen model by merging two alternative extensions, namely the addition of a dynamic price level and the introduction of speculation. We recall and study old and new equilibria, together with their local stability analysis. This includes a state of recession associated with a deflationary regime and characterized by falling employment but constant wage shares, with or without an accompanying debt crisis. We also emphasize some new qualitative behavior of the extended model, in particular its ability to produce and describe repeated financial crises as a natural pace of the economy, and its suitability to describe the relationship between economic growth and financial activities.