Continuous Hicksian trade cycle model with consumption and investment time delays
The 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.
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.:
- Chang, W W & Smyth, David J, 1971. "The Existence and Persistence of Cycles in a Non-linear Model: Kaldor's 1940 Model Re-examined," Review of Economic Studies, Wiley Blackwell, vol. 38(113), pages 37-44, January.
When requesting a correction, please mention this item's handle: RePEc:eee:jeborg:v:75:y:2010:i:1:p:95-114. See general information about how to correct material in RePEc.
If references are entirely missing, you can add them using this form.