Okun's law and the chaotic economic growth model: EU
Okunov zakon i haotični model ekonomskog rasta - EU
Апстракт
Chaos embodies three important principles: (i) extreme sensitivity to initial conditions ; (ii) cause and effect are not proportional; and (iii) nonlinearity. The basic aim of this paper is to provide a relatively simple chaotic economic growth model that is capable of generating stable equilibria, cycles, or chaos depending on parameter values. Okun's Law is included in this paper. A key hypothesis of this work is based on the idea that the coefficient π = (1+μ) plays a crucial role in explaining local growth stability of the real gross domestic product, where, μ - the coefficient which explains relation between unemployment rate growth rate and the fraction of the labor force that is not used up by the unemployment at time t. The estimated chaotic economic growth model confirms stable but monotonically increasing values of the real gross domestic product in EU in the period 1990-2014.
Osnovni cilj ovog rada jeste prikazivanje relativno jednostavnog modela ekonomskog rasta, koji može generisati stabilnu ravnotežu, cikluse ili haos, u zavisnosti od vrednosti parametara. Ocenjen haotičan model ekonomskog rasta pokazuje stabilne i monotono rastuće vrednosti realnog bruto domaćeg proizvoda u EU u periodu 1990-2014. godine.
Кључне речи:
economic growth / model / Okun's Law / chaos / ekonomski rast / model / Okunov zakon / haosИзвор:
Anali Ekonomskog fakulteta u Subotici, 2015, 34, 267-274Издавач:
- Univerzitet u Novom Sadu - Ekonomski fakultet, Subotica
Институција/група
Poljoprivredni fakultetTY - JOUR AU - Jablanović, Vesna PY - 2015 UR - http://aspace.agrif.bg.ac.rs/handle/123456789/3913 AB - Chaos embodies three important principles: (i) extreme sensitivity to initial conditions ; (ii) cause and effect are not proportional; and (iii) nonlinearity. The basic aim of this paper is to provide a relatively simple chaotic economic growth model that is capable of generating stable equilibria, cycles, or chaos depending on parameter values. Okun's Law is included in this paper. A key hypothesis of this work is based on the idea that the coefficient π = (1+μ) plays a crucial role in explaining local growth stability of the real gross domestic product, where, μ - the coefficient which explains relation between unemployment rate growth rate and the fraction of the labor force that is not used up by the unemployment at time t. The estimated chaotic economic growth model confirms stable but monotonically increasing values of the real gross domestic product in EU in the period 1990-2014. AB - Osnovni cilj ovog rada jeste prikazivanje relativno jednostavnog modela ekonomskog rasta, koji može generisati stabilnu ravnotežu, cikluse ili haos, u zavisnosti od vrednosti parametara. Ocenjen haotičan model ekonomskog rasta pokazuje stabilne i monotono rastuće vrednosti realnog bruto domaćeg proizvoda u EU u periodu 1990-2014. godine. PB - Univerzitet u Novom Sadu - Ekonomski fakultet, Subotica T2 - Anali Ekonomskog fakulteta u Subotici T1 - Okun's law and the chaotic economic growth model: EU T1 - Okunov zakon i haotični model ekonomskog rasta - EU EP - 274 IS - 34 SP - 267 UR - https://hdl.handle.net/21.15107/rcub_agrospace_3913 ER -
@article{ author = "Jablanović, Vesna", year = "2015", abstract = "Chaos embodies three important principles: (i) extreme sensitivity to initial conditions ; (ii) cause and effect are not proportional; and (iii) nonlinearity. The basic aim of this paper is to provide a relatively simple chaotic economic growth model that is capable of generating stable equilibria, cycles, or chaos depending on parameter values. Okun's Law is included in this paper. A key hypothesis of this work is based on the idea that the coefficient π = (1+μ) plays a crucial role in explaining local growth stability of the real gross domestic product, where, μ - the coefficient which explains relation between unemployment rate growth rate and the fraction of the labor force that is not used up by the unemployment at time t. The estimated chaotic economic growth model confirms stable but monotonically increasing values of the real gross domestic product in EU in the period 1990-2014., Osnovni cilj ovog rada jeste prikazivanje relativno jednostavnog modela ekonomskog rasta, koji može generisati stabilnu ravnotežu, cikluse ili haos, u zavisnosti od vrednosti parametara. Ocenjen haotičan model ekonomskog rasta pokazuje stabilne i monotono rastuće vrednosti realnog bruto domaćeg proizvoda u EU u periodu 1990-2014. godine.", publisher = "Univerzitet u Novom Sadu - Ekonomski fakultet, Subotica", journal = "Anali Ekonomskog fakulteta u Subotici", title = "Okun's law and the chaotic economic growth model: EU, Okunov zakon i haotični model ekonomskog rasta - EU", pages = "274-267", number = "34", url = "https://hdl.handle.net/21.15107/rcub_agrospace_3913" }
Jablanović, V.. (2015). Okun's law and the chaotic economic growth model: EU. in Anali Ekonomskog fakulteta u Subotici Univerzitet u Novom Sadu - Ekonomski fakultet, Subotica.(34), 267-274. https://hdl.handle.net/21.15107/rcub_agrospace_3913
Jablanović V. Okun's law and the chaotic economic growth model: EU. in Anali Ekonomskog fakulteta u Subotici. 2015;(34):267-274. https://hdl.handle.net/21.15107/rcub_agrospace_3913 .
Jablanović, Vesna, "Okun's law and the chaotic economic growth model: EU" in Anali Ekonomskog fakulteta u Subotici, no. 34 (2015):267-274, https://hdl.handle.net/21.15107/rcub_agrospace_3913 .