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Article Dans Une Revue Journal of Risk and Financial Management Année : 2015

Inflation and speculation in a dynamic macroeconomic model

Inflation et spéculation dans un modèle macroéconomique dynamique

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.
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Dates et versions

hal-01097661 , version 1 (20-12-2014)

Identifiants

Citer

Matheus R. Grasselli, Adrien Nguyen Huu. Inflation and speculation in a dynamic macroeconomic model. Journal of Risk and Financial Management, 2015, Selected Papers from the Fifth International Conference on Mathematics in Finance (MiF) 2014, Organized by North-West University, University of Cape Town and University of Johannesburg, South Africa) 8 (3), http://www.mdpi.com/1911-8074/8/3/285. ⟨hal-01097661⟩
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