With the aim of exploring the conditions which determine a chaotic behavior in the long-run properties of an economic model, this paper innovates the existing Keynesian macroeconomic literature by showing that the dynamics of the well-known IS-LM model may generate a double-scroll strange attractor, for a particular set of structural parameters.
The double scroll chaotic attractor in the dynamics of a fixed-price IS-LM model
BELLA, GIOVANNI;MATTANA, PAOLO;VENTURI, BEATRICE
2013-01-01
Abstract
With the aim of exploring the conditions which determine a chaotic behavior in the long-run properties of an economic model, this paper innovates the existing Keynesian macroeconomic literature by showing that the dynamics of the well-known IS-LM model may generate a double-scroll strange attractor, for a particular set of structural parameters.
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