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Accueil > Rubrique de services > Archive Equipe > Stéphane Hallegatte > The NEDyM model

The NEDyM model

NEDyM is a Non-Equilibrium Dynamic Model. It models a stylized economy, closed and homogenous. Its dynamic core is akin to the classical Solow growth model, picturing an economy with one representative producer, one representative customer, and one good used both for consumption and investment.

The Solow growth model is composed of a static core and of a dynamic relationship describing the capital dynamics. In NEDyM, the Solow’s static core is translated into dynamic relationships by introducing stocks and delays in the pathways toward equilibrium.

NEDyM is, therefore, a dynamic model strictly equivalent to the Solow growth model over the long term or when perturbed by slowly varying parameter changes. Facing a brutal change in one of its parameters, it exhibits, however, Keynesian features that may amplify and damp the external shock.

NEDyM exists in two version, one is stable and does not exhibit endogenous business cycle ; the other one is unstable and reproduce endogenous business cycles.

The NEDyM’s code follows the TEF/ZOOM prescription and is run using Mini-Ker (see the TEF/ZOOM Project). The code of NEDyM is available upon request.

Technical note : NEDyM, a long-term growth model with short-term dynamics

A comprehensive description of the model in its STABLE version is provided in the attached file.

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