Institute of Information Theory and Automation

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Economic Dynamics: Analytical and Computational Treatment of Macroeconomic Models

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Monetary and price dynamics is very often described by systems of differential equations. These systems describe commodity market, money market and the equilibrium production sector usually from Keynesian, Walrasian and Classical point of view. In traditional macroeconomic dynamics the formulation of the models takes in care only basic mathematical features of the model and not the correspondence to reality. Simple formulation of the model corresponds to simple dynamics. With development of computer technique and advances in the theory of ordinary differential equations the more adequate formulations taking into account nonlinear behaviour of economic systems could be made. Such systems could exhibit higher dynamics, i.e. nonlinear oscillations or deterministic chaos. The research group will focus its attention on formulation and analysis of such nonlinear dynamical systems including analysis of conditions under which the system exhibit nonlinear periodic oscillations or chaos.
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2012-03-26 07:38