On the bifurcation of a torus in a small open economy model
und | 13. Nov. 2012
Tatra Mountains Mathematical Publications
Differential and Difference Equations and Applications 2010
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Online veröffentlicht: 13. Nov. 2012
Seitenbereich: 125 - 134
DOI: https://doi.org/10.2478/v10127-011-0012-6
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A four-dimensional macroeconomic model of a small open economy under fixed exchange rates is investigated. The model describes the development of national income, capital stock, interest rate and money stock. Sufficient conditions for the existence of an invariant torus are given. A numerical example illustrating the gained results is presented.