On dynamics in a Keynesian model of monetary stabilization policy with debt effect

On dynamics in a medium-term Keynesian model

“…The existence of periodic orbits is usually verified by the theory of dynamical systems (e.g., bifurcation theory). 1 Taking this approach, a number of studies have demonstrated the presence of business cycles. 2 As is well known, limit cycles can be stable or unstable; stable limit cycles have inner and outer attracting domains, while unstable limit cycles have inner and outer repelling domains.…”

“…4 For recent exceptional investigations of the stability of periodic orbits in high-dimensional dynamic models (with dimensionality of three or more) in economics, see Asada et al [1,2] and Murakami and Zimka [30]. 5 Murakami [21] established the existence of stable limit cycles in the two-dimensional model but not in the three-or four-dimensional model.…”

A three-country Kaldorian business cycle model with fixed exchange rates: A continuous time analysis

“…Typical examples of such 'Keynesian' macrodynamic models are Kaldor [23], Kalecki [24] and Goodwin [20]. Later examples of models in this tradition include Torre [47], Semmler [45], Dohtani, Misawa, Inaba, Yokoo and Owase [16], Asada, Chiarella, Flaschel and Franke [4], and Asada, Demetrian and Zimka [5], [6].…”

“…For detailed examples of how Liu's criterion can be satisfied in a high-dimensional nonlinear dynamical system, see Maličký and Zimka[32],[33], or Asada et al[5],[6].…”

On dynamics in a Keynesian model of monetary and fiscal stabilization policy mix with twin debt accumulation

“…Asada (2012) formulated these models without detailed mathematical analysis, while Asada (2014) provided some mathematical analysis of them. Asada, Demetrian and Zimka (2018) gave a thorough mathematical and numerical analyses of the four-dimensional model of this series. 3 In this paper, we investigate thoroughly, both mathematically and numerically, Asada's six-dimensional model of this series with twin debt accumulation (Asada, 2012(Asada, , 2014, which describes the development of a firm's real private debt, the real output, the expected rate of inflation, the nominal rate of interest, the real government expenditure and the real government debt.…”