A Disequilibrium Macrodynamic Model of Fluctuations
Velupillai, Vela K.
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Velupillai, V.K., (2004) "A Disequilibrium Macrodynamic Model of Fluctuations" ( Working Paper No. 0081) Department of Economics, National University of Ireland, Galway.
A nonlinear disequilibrium macrodynamic model of uctuations in the labour and product markets, mediated by variations in factor shares, is developed and the exis- tence of a periodic orbit is proved using the Hopf bifurcation theorem.