Abstract
We explore numerically a three-dimensional discrete-time Kaldorian macrodynamic model in an open economy with fixed exchange rates, focusing on the effects of variation of the model parameters, the speed of adjustment of the goods market
We explore numerically a three-dimensional discrete-time Kaldorian macrodynamic model in an open economy with fixed exchange rates, focusing on the effects of variation of the model parameters, the speed of adjustment of the goods market
N. Kaldor, “A model of the trade cycle,” The Economic Journal, vol. 50, no. 197, pp. 78–92, 1940.
View at: Publisher Site | Google ScholarH.-W. Lorenz, Nonlinear Dynamical Economics and Chaotic Motion, Springer, Berlin, Germany, 2nd edition, 1993.
View at: Google Scholar | Zentralblatt MATH | MathSciNetG. Gandolfo, Economic Dynamics, Springer, Berlin, Germany, 1996.
View at: Google ScholarA. Agliari and R. Dieci, “Coexistence of attractors and homoclinic loops in a Kaldor-like business cycle model,” in Business Cycle Dynamics. Models and Tools, pp. 223–254, Springer, Berlin, Germany, 2006.
View at: Google ScholarH.-W. Lorenz, “Analytical and numerical methods in the study of nonlinear dynamical systems in Keynesian economics,” in Business Cycles: Theory and Empirical Methods, W. Semmler, Ed., pp. 73–112, Kluwer Academic Publishers, Dordrecht, The Netherlands, 1994.
View at: Google ScholarT. Asada, T. Inaba, and T. Misawa, “A nonlinear macrodynamic model with fixed exchange rates: its dynamics and noise effects,” Discrete Dynamics in Nature and Society, vol. 4, no. 4, pp. 319–331, 2000.
View at: Publisher Site | Google Scholar | Zentralblatt MATHT. Asada, “Kaldorian dynamics in an open economy,” Journal of Economics, vol. 62, no. 3, pp. 239–269, 1995.
View at: Publisher Site | Google Scholar | Zentralblatt MATHA. Dohtani, T. Misawa, T. Inaba, M. Yokoo, and T. Owase, “Chaos, complex transients and noise: illustration with a Kaldor model,” Chaos, Solitons & Fractals, vol. 7, no. 12, pp. 2157–2174, 1996.
View at: Publisher Site | Google Scholar | Zentralblatt MATH | MathSciNetT. Puu, “Attractors, Bifurcations, and Chaos,” Springer, Berlin, Germany, 2000.
View at: Google Scholar | Zentralblatt MATH | MathSciNetW. W. Chang and D. J. Smyth, “The existence and persistence of cycles in a nonlinear model: Kaldor's 1940 model re-examined,” Review of Economic Studies, vol. 38, no. 1, pp. 37–44, 1971.
View at: Publisher Site | Google Scholar | Zentralblatt MATH