This paper contributes to the new keynesian literature by showing that stable endogenous cycles can emerge as equilibrium solutions of the traditional IS-LM model. The application of the original Bogdanov-Takens theorem allows us to determine the regions of the parametric space where the model exhibits a global indeterminate solution, and a low-growth trapping region, characterized by a continuum of equilibrium trajectories in the proximity of a homoclinic bifurcation.
Titolo: | Homoclinic Bifurcation and Endogenous Cycles in the Dynamic IS-LM Model |
Autori: | |
Data di pubblicazione: | 2015 |
Rivista: | |
Handle: | http://hdl.handle.net/11584/134625 |
Tipologia: | 1.1 Articolo in rivista |
File in questo prodotto:
File | Descrizione | Tipologia | Licenza | |
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JRGEV4A24-Bella.pdf | versione editoriale | Open Access Visualizza/Apri |
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