ISSN:
1467-999X
Source:
Blackwell Publishing Journal Backfiles 1879-2005
Topics:
Economics
Notes:
We study three different versions of the Kaldor's 1940 Business-Cycle Model (13, and we show that they can all be reduced, through suitable changes of variables, to a planar dynamical system of Lienard-type.By applying a classical result due to A. Filippov (8) and a quite recent theorem of the Chinese mathematician Zhang Zhi Fen (19, it is easily proved that our systems present a unique attracting limit-cycle encircling the only existing equilibrium.Our analysis does not require any extra hypothesis regarding the symmetry of the investment and saving functions, except the «classical» ones and those needed to reducing the system to Lienard form.It extends, so far, a few previous results obtained by H.W. Lorenz (16) on the very same model.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1111/j.1467-999X.1989.tb00446.x
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