Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
5099166 | Journal of Economic Dynamics and Control | 2009 | 11 Pages |
Abstract
This paper reexamines Goodwin's business cycle model with nonlinear acceleration principle that gives rise to cyclic oscillations when its stationary state is locally unstable. Fixed time delay in the investment is replaced by continuously distributed time delay. It is first demonstrated that the latter has stronger stabilizing effect than the former and, second, that multiple limit cycles may coexist when the stationary state is locally stable.
Keywords
Related Topics
Physical Sciences and Engineering
Mathematics
Control and Optimization
Authors
Akio Matsumoto,