Hopf bifurcation in a dynamic IS-LM model with time delay
AbstractThe paper investigates the impact of delayed tax revenues on the fiscal policy out-comes. Choosing the delay as a bifurcation parameter we study the direction and the stability of the bifurcating periodic solutions. We show when the system is stable with respect to the delay. Some numerical examples are given to confirm the theoretical results.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 13270.
Date of creation: 12 Nov 2005
Date of revision:
Publication status: Published in Chaos, Solitons and Fractals 2.34(2007): pp. 519-530
delay differential equation; stability; Hopf bifurcation; IS-LM model;
Find related papers by JEL classification:
- C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
- C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
- C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Garry J. Schinasi, 1979.
"A nonlinear dynamic model of short run fluctuations,"
Special Studies Papers
135, Board of Governors of the Federal Reserve System (U.S.).
- Schinasi, Garry J, 1981. "A Nonlinear Dynamic Model of Short Run Fluctuations," Review of Economic Studies, Wiley Blackwell, vol. 48(4), pages 649-56, October.
- Schinasi, Garry J., 1982. "Fluctuations in a dynamic, intermediate-run IS-LM model: Applications of the Poincare-Bendixon theorem," Journal of Economic Theory, Elsevier, vol. 28(2), pages 369-375, December.
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