论文信息 - Fluctuations in a dynamic, intermediate-run IS-LM model: Applications of the Poincare-Bendixon theorem

Fluctuations in a dynamic, intermediate-run IS-LM model: Applications of the Poincare-Bendixon theorem

Abstract This paper proves the existence, uniqueness, and stability of closed orbits, for nonlinear intermediate-run macroeconomic models, using the Poincare-Bendixon theorem on planar dynamic systems. The models integrate a Kaldor-Goodwin-type nonlinear investment function and an IS-LM model augmented by a government budget constraint. The budget constraint allows for money and/or debt creation as alternative means of financing the treasury's operations.

Garry J. Schinasi

[1] Hal R. Varian,et al. CATASTROPHE THEORY AND THE BUSINESS CYCLE , 1979 .

[2] V. Torre. Existence of Limit Cycles and Control in Complete Keynesian System by Theory of Bifurcations , 1977 .

[3] R. Goodwin,et al. The Non-linear Accelerator and the Persistence of Business Cycles , 1951 .

[4] M. Hirsch,et al. Differential Equations, Dynamical Systems, and Linear Algebra , 1974 .

[5] Garry J. Schinasi. A Nonlinear Dynamic Model of Short Run Fluctuations , 1981 .

[6] N. Kaldor,et al. A Model of the Trade Cycle , 1940 .

[7] Winston W. Chang,et al. The Existence and Persistence of Cycles in a Non-linear Model: Kaldor's 1940 Model Re-examined , 1971 .

[8] J. Hicks. Mr. Keynes and the "Classics"; A Suggested Interpretation , 1937 .