We analyze the global dynamics of the solutions of a general non-linear fixed-price disequilibrium IS-LM model, where the investment function avoids any Kaldor-type assumption. The structure of the limit sets of the model with a third order non linearity is studied. We use rigorous arguments to show that, as the bifurcation parameters vary, a wide range of dynamical behavior is displayed.
Some notes on the structure of limit sets in IS-LM models
BELLA, GIOVANNI;MATTANA, PAOLO;VENTURI, BEATRICE
2014-01-01
Abstract
We analyze the global dynamics of the solutions of a general non-linear fixed-price disequilibrium IS-LM model, where the investment function avoids any Kaldor-type assumption. The structure of the limit sets of the model with a third order non linearity is studied. We use rigorous arguments to show that, as the bifurcation parameters vary, a wide range of dynamical behavior is displayed.
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