Working Paper Number
503
Publication Date
2-2020
Abstract
The primary purpose of this paper is to: 1) introduce a three-class predator-prey model with class interactions consistent with the NL era into the literature; 2) analyze the spectrum of different qualitative macroeconomic behaviors associated with the model; 3) focus on two particular outcomes – FK PS and a double reserve army (RA) – FK PS –both capable of producing cyclical and chaotic outcomes; and 4) use the FK PS to explain key stylized facts associated with the NL period. Given a sparing behavioral structure for the model where financial markets are not explicitly specified3, a full-on calibration exercise is not attempted.
DOI
https://doi.org/10.7275/28046888
Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License.