Hopf bifurcation in a dynamic IS-LM model with time delay
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.
|Date of creation:||12 Nov 2005|
|Date of revision:|
|Publication status:||Published in Chaos, Solitons and Fractals 2.34(2007): pp. 519-530|
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Web page: http://mpra.ub.uni-muenchen.de
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- 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.
- 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.
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