This paper offers a unified perspective of the analytical detection of Hopf bifurcation, which is a crucial tool in dynamic economic modelling. We clarify the relations between stability theorems and the notions of simple and general Hopf bifurcations. A Liénard–Chipart-type theorem for detecting bifurcations, which appears of considerable usefulness in applications, is proved. Subsequently we show how to use the notions of ‘stability boundary’ and ‘bifurcation boundary’, providing a new, surprisingly straightforward, tool for detecting bifurcations in economics. An economic illustration is given by two models with time-delay: a Solow-type demo-economic model and a Kaleckian extension of the Lotka–Volterra–Goodwin model.
|Autori interni:||FANTI, LUCIANO|
|Autori:||MANFREDI PIERO; FANTI L|
|Titolo:||Cycles in dynamic economic modelling|
|Anno del prodotto:||2004|
|Digital Object Identifier (DOI):||10.1016/j.econmod.2003.08.003|
|Appare nelle tipologie:||1.1 Articolo in rivista|