The main task of this work is to develope a model able to encompass, at the same time, Keynesian, demand-driven, and Marxian, profit-driven determinants of fluctuations. Our starting point is the Goodwin's model (1967), rephrased in discrete time and extended by means of a coupled dynamics...

This paper aims to contribute to the analysis of expectations and belief reversals in an evolutionary and complexity economics framework. It formulates its analysis in terms of the concept of reflexivity, drawing on the ideas regarding reflexivity in financial markets of George Soros, and lays...

In this paper we investigate the closed-economy Keynes-Wicksell-Goodwin model of Chiarella and Flaschel (2000) for the case of two interacting open economies. We introduce these coupled two-country KWG dynamics on the extensive form level by means of a subdivision into nine modules describing...

In the framework of a recently established Keynesian type monetary macro model, the so-called KMG model, we study implications of kinked Phillips curves and alternative monetary policy rules. As alternative monetary policy rules we consider monetary growth targeting and interest rate targeting...

This paper, written with the intention of formulating a macroeconomic model of trade cycles - following Kaldor's approach - explains the fluctuations of economic systems by using some numerical instruments. The reason for choosing a chaotic model will become clear as will the implications which...

Business cycles are oscillations in economy because of recessions and expansions. In this paper we investigate the oscillation of the Gross Domestic Product (GDP) as a result of its relations with the other main macroeconomic variables such as capital, consumption and investment. There is a...

This paper suggests the application of multi-dimensional graphs in the study of business cycles in the context of chaos theory. The alternative multidimensional graphic method used is known as the Kite-Cartesian space (Ruiz Estrada, 2006). The Kite-Cartesian space is an alternative analytical...