On the dynamic behavior of Schinasi's business cycle model

研究成果: Article査読

32 被引用数 (Scopus)

抄録

We investigate thoroughly Schinasi's business cycle model, a disequilibrium IS-LM model augmented by a government budget constraint, in the case of pure money financing. The model has the two- and three-dimensional versions. For the former case, we prove rigorously the existence of limit cycles by the Poincaré-Bendixson theorem and show that three variables of the model, money supply, output and interest rate, correspond to the leading, coincident and lagging indicators of the usual business index, respectively. For the latter case, closed orbits are considered by the Hopf bifurcation theorem and imagination. Finally, the results obtained in the two- and three-dimensional cases are compared.

本文言語English
ページ(範囲)423-444
ページ数22
ジャーナルJournal of Macroeconomics
16
3
DOI
出版ステータスPublished - 1994 1 1
外部発表はい

ASJC Scopus subject areas

  • Economics and Econometrics

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