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@inproceedings{490797,
author = {Hloušek, Miroslav},
address = {Praha},
booktitle = {Mathematical Methods in Economics 2003},
keywords = {rational expectations; closed economy model; Phillips curve},
language = {eng},
location = {Praha},
isbn = {80-213-1046-4},
pages = {112-116},
publisher = {Czech University of Agriculture in Prague, Faculty of Economics and Management},
title = {Model of Closed Economy with Rational Expectations},
year = {2003}
}
TY - JOUR
ID - 490797
AU - Hloušek, Miroslav
PY - 2003
TI - Model of Closed Economy with Rational Expectations
PB - Czech University of Agriculture in Prague, Faculty of Economics and Management
CY - Praha
SN - 8021310464
KW - rational expectations
KW - closed economy model
KW - Phillips curve
N2 - This paper shows the way of solving linear difference model under rational expectations. The whole procedure is described in general form. The conditions for existence of a unique solution summarized. The system is solved first for unstable part and then for stable part to get the final solution. There is made an application for macroeconomic model of closed economy. A reaction of agents in presence of shocks, when anticipated or not, is examined. Finally an influence of distinct types of Phillips curve on an adjustment process is discussed. The results ae illustrated in the figures.
ER -
HLOUŠEK, Miroslav. Model of Closed Economy with Rational Expectations. In \textit{Mathematical Methods in Economics 2003}. Praha: Czech University of Agriculture in Prague, Faculty of Economics and Management, 2003, p.~112-116, 4 pp. ISBN~80-213-1046-4.
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