| Abstrakt: |
Abstract: We focus on the special type of the continuous dynamical system which is generated by Euler equation branching. Euler equation branching is a type of differential inclusion \dot x \in\{f(x),g(x)\}, where f,g X \subset\mathbb{R}^n \rightarrow\mathbb{R}^n are continuous and f(x)\neq g(x) at every point x \in X. It seems this chaotic behaviour is typical for such dynamical system. In the second part we show an application in a new formulated overall macroeconomic equilibrium model. This new model is based on the fundamental macroeconomic aggregate equilibrium model called the IS-LM model. |
