Open AccessOn dynamics in a medium-term Keynesian model
Author(s) -
Hiroki Murakami,
Rudolf Zimka
Publication year - 2021
Publication title -
discrete and continuous dynamical systems. series b
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.864
H-Index - 53
eISSN - 1553-524X
pISSN - 1531-3492
DOI - 10.3934/dcdsb.2021145
Subject(s) - hopf bifurcation , term (time) , limit (mathematics) , stability (learning theory) , bifurcation , limit cycle , mathematics , dynamics (music) , new keynesian economics , physics , mathematical analysis , statistical physics , economics , mathematical physics , keynesian economics , mathematical economics , computer science , nonlinear system , monetary policy , quantum mechanics , machine learning , acoustics
This paper rigorously examines the (in)stability of limit cycles generated by Hopf bifurcations in a medium-term Keynesian model. The bifurcation equation of the model is derived and the conditions for stable and unstable limit cycles are presented. Numerical simulations are performed to illustrate the analytical results.