In monetary Stock-Flow Consistent (SEC) models, accounting identities reduce the number of behavioral functions to avoid an overdetermined system of equations. We relax this restriction using a differential-algebraic equation framework of constrained dynamics. Agents exert forces the variables...

Economic equilibrium models have been inspired by analogies to stationary states in classical mechanics. To extend these mathematical analogies from constrained optimization to constrained dynamics, we formalize economic (constraint) forces and economic power in analogy to physical (constraint)...

In monetary Stock-Flow Consistent (SEC) models, accounting identities reduce the number of behavioral functions to avoid an overdetermined system of equations. We relax this restriction using a differential-algebraic equation framework of constrained dynamics. Agents exert forces the variables...