Mathematical modeling of stochastic equilibria and business cycles of Goodwin model

Abstract

The Goodwin dynamical model under the random external disturbances is considered. A full parametrical analysis for equlibria and cycles of deterministic model is developed. We study probabilistic properties of stochastic attractors using stochastic sensitivity functions technique and numerical methods. A phenomenon of the generation of stochastic business cycles in the zones of stable equilibria is discussed.

Keywords

• Goodwin’s model
• business cycle
• random pertubation
• stochastic sensitivity function
• noise-induced transitions