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Hopf bifurcation in a dynamic IS-LM model with time delay

Author

Listed:
  • Neamtu, Mihaela
  • Opris, Dumitru
  • Chilarescu, Constantin

Abstract

The 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.

Suggested Citation

  • Neamtu, Mihaela & Opris, Dumitru & Chilarescu, Constantin, 2005. "Hopf bifurcation in a dynamic IS-LM model with time delay," MPRA Paper 13270, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:13270
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    File URL: https://mpra.ub.uni-muenchen.de/13270/1/MPRA_paper_13270.pdf
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    References listed on IDEAS

    as
    1. Garry J. Schinasi, 1981. "A Nonlinear Dynamic Model of Short Run Fluctuations," Review of Economic Studies, Oxford University Press, vol. 48(4), pages 649-656.
    2. 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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    Cited by:

    1. Tamara Merkulova & Tatyana Bitkova & Kateryna Kononova, 2016. "Tax Factors of Sustainable Development: System Dynamics Approach towards Tax Evasion Analyses," RIVISTA DI STUDI SULLA SOSTENIBILITA', FrancoAngeli Editore, vol. 2016(1), pages 35-47.

    More about this item

    Keywords

    delay differential equation; stability; Hopf bifurcation; IS-LM model;

    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

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