Delayed feedback on the dynamical model of a financial system

Woo-Sik Son and Young-Jai Park

Chaos, Solitons & Fractals, 2011, vol. 44, issue 4, 208-217

Abstract: We investigate the effect of delayed feedbacks on the financial model, which describes the time variation of the interest rate, the investment demand, and the price index, for establishing the fiscal policy. By local stability analysis, we theoretically prove the occurrences of Hopf bifurcation. Through numerical bifurcation analysis, we obtain the supercritical and subcritical Hopf bifurcation curves which support the theoretical predictions. Moreover, the fold limit cycle and Neimark–Sacker bifurcation curves are detected. We also confirm that the double Hopf and generalized Hopf codimension-2 bifurcation points exist.

Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:eee:chsofr:v:44:y:2011:i:4:p:208-217

DOI: 10.1016/j.chaos.2011.01.010

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