The complexity of nonlinear dynamic economic systems—the Kaldorian model with bond finance of the government |
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Authors: | Wei‐Bin Zhang |
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Institution: | Department of Economics , University of Ume? |
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Abstract: | We are concerned with the existence of limit cycles in the macroeconomic model of the bond finance recently developed by Asada. It is shown that small shifts of the policy may result in structural changes when the system is at a critical state. The Hopf bifurcation theorem is applied to identify cycles. |
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Keywords: | the Kaldorian model the bond finance economy economic cycles instability the Hopf bifurcation structural changes |
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