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ファイル | 記述 | サイズ | フォーマット | |
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DP1091.pdf | 1.54 MB | Adobe PDF | 見る/開く |
タイトル: | Controlling Chaotic Fluctuations through Monetary Policy |
著者: | Asano, Takao Shibata, Akihisa Yokoo, Masanori |
キーワード: | Macroeconomy Chaos Control OGY method Monetary Policy OLG model Chaos |
発行日: | Jan-2023 |
出版者: | Institute of Economic Research, Kyoto University |
誌名: | KIER Discussion Paper |
巻: | 1091 |
開始ページ: | 1 |
終了ページ: | 31 |
抄録: | This paper applies the chaos control method (the OGY method) proposed by Ott et al. (1990, Physical Review Letters) to policy making in macroeconomics. This paper demonstrates that the monetary equilibrium paths in a discrete-time, two-dimensional overlapping generations model exhibit chaotic fluctuations depending on the money supply rate and the elasticity of substitution between capital and labor under the assumption of the constant elasticity of substitution (CES) production function. We also show that the chaotic fluctuations can be stabilized by controlling the money supply rate by using the OGY method. |
URI: | http://hdl.handle.net/2433/278927 |
関連リンク: | https://www.kier.kyoto-u.ac.jp/publication/?cat=en |
出現コレクション: | KIER Discussion Paper (英文版) |
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