Cycles in economic systems with open labor markets |
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| Authors: | E P Belan M V Mikhalevich I V Sergienko |
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| Affiliation: | (1) Taurida National University, Simferopol, Ukraine;(2) Ukrainian State University of Finance and International Trade, Kyiv, Ukraine;(3) V. M. Glushkov Institute of Cybernetics, National Academy of Sciences of Ukraine, Kyiv, Ukraine |
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| Abstract: | A dynamic macromodel of an economic system with a monopsonic labor market and variable labor resources is considered. The
initiation conditions for classical business cycles are investigated for this model. Bifurcation analysis of the model is
performed to estimate the effect of the minimum wage on the way such cycles form. The results of theoretical analysis are
supplemented with numerical experiments.
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Translated from Kibernetika i Sistemnyi Analiz, No. 4, pp. 48–72, July–August 2008. |
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| Keywords: | dynamic systems bifurcation monopsony labor migration business cycles |
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