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Local Stability and Bifurcations in Kaldor Model
[Lokální stabilita a bifurkace v Kaldorově modelu]

Author

Listed:
  • Roman Binter
  • Lukáš Vácha

Abstract

We analyze a discrete version of a simple Kaldor model. As is typical for Kaldor model we consider an S shaped investment function. This leads to either a one or three equilibria of the model. For simplicity reasons we do not consider an S shape saving function as assumed in the original Kaldor paper. This does not affect any analytical conclusions as for presentation of dynamic properties nonlinear investment function is sufficient. Our aim is to study changes in the model dynamics under varying parameters. We study transition between one and two equilibria setup and also each of the set up separately.

Suggested Citation

  • Roman Binter & Lukáš Vácha, 2005. "Local Stability and Bifurcations in Kaldor Model [Lokální stabilita a bifurkace v Kaldorově modelu]," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2005(1), pages 10-20.
    • Handle: RePEc:prg:jnlaop:v:2005:y:2005:i:1:id:123:p:10-20
    DOI: 10.18267/j.aop.123
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    References listed on IDEAS

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    1. Giorgio Rodano & Gian Italo Bischi & Enrico Saltari & Roberto Dieci, 2001. "Multiple attractors and global bifurcations in a Kaldor-type business cycle model," Journal of Evolutionary Economics, Springer, vol. 11(5), pages 527-554.
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    More about this item

    Keywords

    economic dynamics; bifurcations; Kaldor model;
    All these keywords.

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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