The Kaldor­Kalecki Model of Business Cycle as a Two-Dimensional Dynamical System

DOI

10.2991/jnmp.2001.8.s.46How to use a DOI?

Abstract

In the paper we analyze the Kaldor­Kalecki model of business cycle. The time dlay is introduced to the capital accumulation equation according to Kalecki's idea of delay in investment processes. The dynamics of this model is represented in terms of time delay differential equation system. In the special case of small time-to-build parameter the general dynamics is reduced to two-dimensional autonomous dynamcal system. This system is examined in details by methods of qualitative analysis of differential equations. It is shown that there is a Hopf bifurcation leading to a limit cycle. Additionally stability of this solution is discussed.

Copyright

© 2006, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - JOUR
AU  - Marek Szydłowski
AU  - Adam Krawiec
PY  - 2001
DA  - 2001/02/01
TI  - The Kaldor­Kalecki Model of Business Cycle as a Two-Dimensional Dynamical System
JO  - Journal of Nonlinear Mathematical Physics
SP  - 266
EP  - 271
VL  - 8
IS  - Supplement
SN  - 1776-0852
UR  - https://doi.org/10.2991/jnmp.2001.8.s.46
DO  - 10.2991/jnmp.2001.8.s.46
ID  - Szydłowski2001
ER  -