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- W152021970 abstract "Economics often focuses on the end result of changes in the economy. For example, it is important to know now, if increases in government spending this year will affect real income and interest rates in the long run. Economic dynamics seeks to understand the change in economic variables over time and whether or not economic results can be predicted mathematically. In the above example, an understanding of real income and interest rate changes over time would be observed. This analysis allows for better government policy recommendations since recommendations can be tailored to the desired results such as a fast increase in real income and a slow increase in interest rates or vice versa. The focus here will be to consider two dynamic macroeconomic models, the first uses the goods and money market to model the macroeconomy which we will call the IS-LM model, and the second uses the goods and bonds market to model the macroeconomy which we will call the IS-BB model. In this paper we will determine the stability of these two models as a check for their validity. If either model shows instability it must be reformulated. Since the real world does not exhibit unstable markets in which economic variables move toward economic ruin, the correct model for the economy must be stable. If both models exhibit stability then a second check must be performed in order to choose which model is best. The second check involves comparing the time paths for each model and empirical data. It is important to note that these" @default.
- W152021970 created "2016-06-24" @default.
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- W152021970 date "2006-01-01" @default.
- W152021970 modified "2023-09-26" @default.
- W152021970 title "Economic Dynamic Modeling: An Overview of Stability" @default.
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