Murakami, Hiroki - In: Structural Change and Economic Dynamics 30 (2014) C, pp. 68-85
In this paper, by utilizing the Poincaré–Bendixson theory and the Hopf bifurcation theory, we analyze both rigid-price and flexible-price nonlinear disequilibrium Keynesian macroeconomic systems, prove the existence of a persistent business cycle and derive the conditions for global...