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Discrete Dynamics in Nature and Society - Volume 1 1997, Issue 3, Pages 203-217

Niigata University, Department of Economics, 8050, 2-No-cho, Ikarashi, Niigata 950-21, Japan

Received 15 June 1996

Copyright © 1997 Hindawi Publishing Corporation. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

Introducing the producer-s intertemporal optimizing behavior, we extend the Eckalbar Disequilibrium Macro-Model 1985 and reconsider the dynamic features of the modified model. We concern ourselves with the existence of inventory cycles when the expectations are formed adaptively. The endogenous inventory cycle is detected using the Hopf bifurcation theorem in which a bifurcation parameter is an adaptive coefficient. It is also demonstrated that the generated cycle is subcritical.





Author: Akio Matsumoto

Source: https://www.hindawi.com/



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