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Continuous Hicksian trade cycle model with consumption and investment time delays


  • Matsumoto, Akio
  • Szidarovszky, Ferenc


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.

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  • Matsumoto, Akio & Szidarovszky, Ferenc, 2010. "Continuous Hicksian trade cycle model with consumption and investment time delays," Journal of Economic Behavior & Organization, Elsevier, vol. 75(1), pages 95-114, July.
  • Handle: RePEc:eee:jeborg:v:75:y:2010:i:1:p:95-114

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    References listed on IDEAS

    1. W. W. Chang & D. J. Smyth, 1971. "The Existence and Persistence of Cycles in a Non-linear Model: Kaldor's 1940 Model Re-examined," Review of Economic Studies, Oxford University Press, vol. 38(1), pages 37-44.
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    Cited by:

    1. Matsumoto, Akio & Szidarovszky, Ferenc, 2015. "Nonlinear multiplier–accelerator model with investment and consumption delays," Structural Change and Economic Dynamics, Elsevier, vol. 33(C), pages 1-9.
    2. repec:bpj:sndecm:v:21:y:2017:i:2:p:22:n:1 is not listed on IDEAS


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