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A disequilibrium macrodynamic model of fluctuations |
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| Authors: | K Vela Velupillai |
| Institution: | aDepartment of Economics, National University of Ireland, Galway, Ireland;bDepartment of Economics, University of Trento, Trento, Italy |
| Abstract: | A non-linear disequilibrium macrodynamic model of fluctuations in the labour and product markets, mediated by variations in factor shares, is developed and the existence of a periodic orbit is proved using the Hopf bifurcation theorem. |
| Keywords: | Disequilibrium macrodynamics Macroeconomic fluctuations Non-linear macrodynamics Hopf bifurcation |
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