Continuous Hicksian trade cycle model with consumption and investment time delays
AbstractThe main purpose of this paper is to consider effects caused by time delays on stability of continuous models when the dynamic system is piecewise differentiable. To this end, we construct a continuous version of the discrete Hicksian trade cycle model and introduce continuously distributed time delays. It is demonstrated that time delays stabilize an otherwise unstable system, and a piecewisely connected limit cycle is generated around an unstable stationary state.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Behavior & Organization.
Volume (Year): 75 (2010)
Issue (Month): 1 (July)
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Web page: http://www.elsevier.com/locate/jebo
Hybrid dynamical system Continuously distributed time lag Piecewisely connected limit cycle Nonlinear multiplier-acclerator model;
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