HOMOCLINIC BIFURCATION TO INFINITY IN A MODEL OF THE ECONOMIC LONG WAVE

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Abstract
In a homoclinic bifurcation to infinity, a limit cycle blows up to infinite amplitude and disappears. Based on linearizations at infinity, we argue that this bifurcation occurs in models of the Kondratieff economic long wave. A formal proof of the existence of stable and unstable manifolds at infinity is given. A numerical method is proposed and applied to a new model in which regulation of consumer goods production is taken into account. The economic implications of the analysis are discussed.

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