Bifurcation-routes leading to multistability in a business-cycle model
Gian Italo Bischi and
Laura Gardini ()
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Roberto Dieci: University of Parma
No 4B.1, CeNDEF Workshop Papers, January 2001 from Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance
A particular Kaldor-type business cycle model is proposed, and its global dynamic behaviour is analysed under various ranges of the main parameters, as the firms' speed of adjustment to the excess demand and the propensity to save. In particular, a global bifurcation is numerically observed for increasing values of the propensity to save, which marks the switching from bi-stability, i.e. coexistence of two stable steady states, to a different dynamic regime, where the two stable steady states coexist with an attractor characterized by oscillatory motion (which may be periodic, quasi periodic or chaotic). However, remarkable differences may be observed in the mechanism to this bifurcation, according to the particular parameter ranges considered and to the invertibility or noninvertibility of the two-dimensional map driving the dynamics.
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Persistent link: https://EconPapers.repec.org/RePEc:ams:cdws01:4b.1
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