L. Baráková

Asymptotic Behaviour and Hopf Bifurcation of a Three-Dimensional Nonlinear Autonomous System

A three-dimensional real nonlinear autonomous system of a concrete type is studied. The Hopf bifurcation is analyzed and the existence of a limit cycle is proved. A positively invariant set, which is globally attractive, is found using a suitable Lyapunov-like function. Corollaries for a cubic system are presented. Also, a two-dimensional nonlinear system is studied as a restricted system. An application in economics to the Kodera's model of inflation is presented. In some sense, the model of inflation is an extension of the dynamic version of the neo-keynesian macroeconomic IS-LM model and the presented results correspond to the results for the IS-LM model.