On the dynamics of an inflation IS‐LM model
The aim of the present paper is to analyze the dynamic of a generalized IS‐LM macroeconomic model for the inflation via the use of the averaging theory of dynamical systems. For this 3‐dimensional system we present a rigorous proof on the existence of a limit cycle in the case of considering a nonli...
Gespeichert in:
Veröffentlicht in: | Economic modelling 2012-11, Vol.29 (6), p.2090-2094 |
---|---|
Hauptverfasser: | , , |
Format: | Artikel |
Sprache: | eng |
Schlagworte: | |
Online-Zugang: | Volltext |
Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
Zusammenfassung: | The aim of the present paper is to analyze the dynamic of a generalized IS‐LM macroeconomic model for the inflation via the use of the averaging theory of dynamical systems. For this 3‐dimensional system we present a rigorous proof on the existence of a limit cycle in the case of considering a nonlinear action of cubic type on the real net product. Moreover we study the stability and the Hopf bifurcations of the system equilibria for different values of the parameters.
► The dynamic of a generalized ISLM macroeconomic model for the inflation using averaging theory is studied. ► A limit cycle is obtained for a non-linear cubic action for real net product. ► Stability and Hopf bifurcations of equilibria are presented. ► The results generalize [V. Torre, Economtrica 45(6), 1457-1466,1977]. |
---|---|
ISSN: | 0264-9993 1873-6122 |
DOI: | 10.1016/j.econmod.2012.07.007 |