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Analysis of dynamic regimes in stochastically forced Kaldor model

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  • Bashkirtseva, Irina
  • Ryazanova, Tatyana
  • Ryashko, Lev

Abstract

We consider the business cycle Kaldor model forced by random noise. Detailed parametric analysis of deterministic system is carried out and zones of coexisting stable equilibrium and stable limit cycle are found. Noise-induced transitions between these attractors are studied using stochastic sensitivity function technique and confidence domains method. Critical values of noise intensity corresponding to noise-induced transitions “equilibrium → cycle” and “cycle → equilibrium” are estimated. Dominants in combined stochastic regimes are discussed.

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  • Bashkirtseva, Irina & Ryazanova, Tatyana & Ryashko, Lev, 2015. "Analysis of dynamic regimes in stochastically forced Kaldor model," Chaos, Solitons & Fractals, Elsevier, vol. 79(C), pages 96-104.
    • Handle: RePEc:eee:chsofr:v:79:y:2015:i:c:p:96-104
    DOI: 10.1016/j.chaos.2015.02.019
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    1. Wu, Xiaoqin P., 2011. "Codimension-2 bifurcations of the Kaldor model of business cycle," Chaos, Solitons & Fractals, Elsevier, vol. 44(1), pages 28-42.
    2. W. W. Chang & D. J. Smyth, 1971. "The Existence and Persistence of Cycles in a Non-linear Model: Kaldor's 1940 Model Re-examined," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 38(1), pages 37-44.
    3. Ryashko, L. & Bashkirtseva, I. & Gubkin, A. & Stikhin, P., 2009. "Confidence tori in the analysis of stochastic 3D-cycles," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 80(2), pages 256-269.
    4. Grasman, Johan & Wentzel, Jolanda J., 1994. "Co-existence of a limit cycle and an equilibrium in Kaldor's business cycle model and its consequences," Journal of Economic Behavior & Organization, Elsevier, vol. 24(3), pages 369-377, August.
    5. Bashkirtseva, Irina & Ryashko, Lev, 2005. "Sensitivity and chaos control for the forced nonlinear oscillations," Chaos, Solitons & Fractals, Elsevier, vol. 26(5), pages 1437-1451.
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    Cited by:

    1. Irina Bashkirtseva & Alexander Pisarchik & Lev Ryashko & Tatyana Ryazanova, 2016. "Excitability And Complex Mixed-Mode Oscillations In Stochastic Business Cycle Model," Advances in Complex Systems (ACS), World Scientific Publishing Co. Pte. Ltd., vol. 19(01n02), pages 1-16, February.

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