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Stability and direction of Hopf bifurcations of a cyclical growth model with two-time delays and one-delay dependent coefficients
Chaos, Solitons & Fractals ( IF 5.3 ) Pub Date : 2020-07-23 , DOI: 10.1016/j.chaos.2020.110125
Luigi De Cesare , Mario Sportelli

This paper deals with the impact of two discrete-time delays on the basic Goodwin growth cycle model. The former concerns the existence of a finite time delay for building capital goods as suggested by Kalecki. The latter pertains to the wage lag hypothesis. This is because, taking the current change of the employment rate into account, workers and capitalists bargain new wage periodically. There are no examples in the literature on the Goodwin model of the use of both those lags in order to explore the GDP dynamics. From the analytical point-of-view, what we obtain is a delayed differential equation system with discrete-time delays and delay-dependent coefficients depending only on one of the time delays. Having chosen the time delays as bifurcation parameters, we study the stability-switching properties of the transcendental characteristic equation resulting from the stability analysis and the direction of the Hopf bifurcations. Although the system with no lag displays a stable focus, the introduction of the two lags preserves the stable solution only for particular combinations of parameters and length of the lags. In any other case, instability prevails and regular cycles or chaotic fluctuations emerge. Finally, we provide the analytical results with the necessary economic interpretations.



中文翻译:

具有两次时滞和一时滞相关系数的周期增长模型的霍夫夫分支的稳定性和方向

本文讨论了两个离散时间延迟对基本Goodwin生长周期模型的影响。前者涉及Kalecki建议的建设资本货物的有限时间延迟。后者与工资滞后假设有关。这是因为,考虑到当前就业率的变化,工人和资本家会定期讨价还价。在古德温模型的文献中没有使用这两个滞后来探索GDP动态的例子。从分析的角度来看,我们获得的是一个具有离散时间延迟和仅依赖于一个时间延迟的依赖于延迟的系数的延迟微分方程系统。选择了时间延迟作为分叉参数后,我们研究了由稳定性分析和霍普夫分支的方向所产生的超越特征方程的稳定性-切换性质。尽管没有滞后的系统显示出稳定的焦点,但是两个滞后的引入仅针对参数和滞后长度的特定组合保留了稳定的解决方案。在任何其他情况下,不稳定都会普遍存在,并且会出现规则的周期或混乱的波动。最后,我们为分析结果提供必要的经济解释。不稳定普遍存在,并出现规则的周期或混乱的波动。最后,我们为分析结果提供必要的经济解释。不稳定普遍存在,并出现规则的周期或混乱的波动。最后,我们为分析结果提供必要的经济解释。

更新日期:2020-07-23
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