星野恐慌モデルの大域的運動と実質賃金率の決定

抄録

In this paper, we examine the dynamics of the Uno-Hoshino model that are modeled by Osaka(2009). Local stability analysis of Uno-Hoshino model has already been elucidated there, but global stability analysis has not been detected clearly yet. There is a possibility of global stability and neighborhood equilibrium stability are different since the Uno-Hoshino model is nonlinear. One purpose of this paper is to show that the global dynamics of Uno-Hoshino model is unstable, detecting a Lyapunov function. The characteristics of the Uno-Hoshino model, where the real wage rate is determined in the commodity market at an underemployment equilibrium, is that the real wage rate is determined by the labor market at a full employment. Modeling by Osaka is one which focuses on underemployment, but by introducing the lowest limit of the real wage rate, it is possible to consider that real wage rate is determined in the labor market at a full employment. In this case, we will show that there is a possibility that the model is cyclical fluctuations.