Title: The double scroll chaotic attractor in the dynamics of a fixed-price IS-LM model

Authors: Giovanni Bella; Paolo Mattana; Beatrice Venturi

Addresses: Department of Economics, University of Cagliari, Viale S. Ignazio, 17, 09123 Cagliari, Italy ' Department of Economics, University of Cagliari, Viale S. Ignazio, 17, 09123 Cagliari, Italy ' Department of Economics, University of Cagliari, Viale S. Ignazio, 17, 09123 Cagliari, Italy

Abstract: With the aim of exploring the conditions which determine a chaotic behaviour in the long-run properties of an economic model, this paper innovates the existing Keynesian macroeconomic literature by showing that the dynamics of the well-known IS-LM model may generate a double-scroll strange attractor, for a particular set of structural parameters.

Keywords: global bifurcation; Bogdanov-Takens singularity; double scroll attractor; IS-LM model dynamics; chaotic behaviour; chaos; economic modelling; fixed price.

DOI: 10.1504/IJMMNO.2013.051332

International Journal of Mathematical Modelling and Numerical Optimisation, 2013 Vol.4 No.1, pp.1 - 13

Received: 25 Feb 2012
Accepted: 15 Jun 2012

Published online: 05 Jan 2013 *

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