Hypercrater Bifurcations, Attractor Coexistence, and Unfolding in a 5D Model of Economic Dynamics

Figure 11

The hysteresis effect associated with coexistence of attracting CICs. Time path of 𝑌₂ for 𝛽=0.1 and 𝛼₁=0.43 (1st CIC stable), with two parametric shocks, shown as black dots, at times 𝑡=300 when the value of 𝛼₁ is changed to 0.45 (1st CIC unstable) and 𝑡=600 when 𝛼₁ is restored to its previous value.