HOW INTEREST RATE INFLUENCES A BUSINESS CYCLE MODEL

被引：1

作者：

Yuan, Qigang ^{[1
]}

Sun, Yutong ^{[2
]}

Ren, Jingli ^{[3
]}

机构：

[1] Zhengzhou Univ, Sch Math & Stat, Zhengzhou 450000, Peoples R China

[2] Macau Univ Sci & Technol, Sch Business, Macau 999078, Peoples R China

[3] Zhengzhou Univ, Henan Acad Big Data, Zhengzhou 450002, Peoples R China

来源：

DISCRETE AND CONTINUOUS DYNAMICAL SYSTEMS-SERIES S | 2020年 / 13卷 / 11期

基金：

中国国家自然科学基金;

关键词：

Business cycle; periodic forcing; bifurcation; complexity; PERSISTENCE;

D O I：

10.3934/dcdss.2020190

中图分类号：

O29 [应用数学];

学科分类号：

070104 ;

摘要：

We study the effect of interest rate on phenomenon of business cycle in a Kaldor-Kalecki model. From the information of the People's Bank of China and the Federal Reserve System, we know the interest rate is not a constant but with remarkable periodic volatility. Therefore, we consider periodically forced interest rate in the model and study its dynamics. It is found that, both limit cycle through Hopf bifurcation in unforced system and periodic solutions generated by period doubling bifurcation or resonance in periodically forced system, can lead to cyclical economic fluctuations. Our analysis reveals that the cyclical fluctuation of interest rate is one of a key formation mechanism of business cycle, which agrees well with the pure monetary theory on business cycle. Moreover, this fluctuation can cause chaos in a business cycle system.

引用

页码：3231 / 3251

页数：21

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