Hopf bifurcation in a dynamic IS-LM model with time delay

Mathematics – Dynamical Systems

Scientific paper

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13 pages, 12 figures

Scientific paper

In this paper we investigate the impact of delayed tax revenues on the fiscal
policy out-comes. Choosing the delay as a bifurcation parameter we study the
direction and the stability of the bifurcating periodic solutions. With respect
to the delay we show when the system is stable. Some numerical examples are
finally given for justifying the theoretical results.

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