Discrete-time macroeconomic system: Bifurcation analysis and synchronization using fuzzy-based activation feedback control. (January 2021)

• Record Type: Journal Article
• Authors: Zhou, Shuang-Shuang; Jahanshahi, Hadi; Din, Qamar; Bekiros, Stelios; Alcaraz, Raúl; Alassafi, Madini O.; Alsaadi, Fawaz E.; Chu, Yu-Ming
• Is Part Of: Chaos, solitons and fractals. Volume 142(2021)
• Publication Date: 2021-01
• Subjects: Macroeconomic -- Discrete-time system -- Chaos -- Bifurcation analysis -- Control and synchronization; Chaotic behavior in systems -- Periodicals; Solitons -- Periodicals; Fractals -- Periodicals; Chaotic behavior in systems; Fractals; Solitons; Periodicals; 003.7
• DOI: 10.1016/j.chaos.2020.110378
• Languages: English
• ISSNs: 0960-0779

Abstract

Highlights: The discrete-time mathematical model of the macroeconomic system is presented. The system is studied through topological classification, bifurcation analysis, Lyapunov exponents, and manifold theory. A fuzzy based-activation feedback controller is proposed for the synchronization of the system. Abstract: Economic systems, due to their substantial effects on any society, are interesting research subject for a large family of researchers. Despite all attempts to study economic and financial systems, studies on discrete-time macroeconomic systems are rare. Hence, in the current study, we aim to investigate dynamical behavior and synchronization of these systems. At first, the discrete-time mathematical model of the macroeconomic system is presented. Then, the system is studied through topological classification, bifurcation analysis, Lyapunov exponents, and manifold theory, which are powerful tools in the investigation of nonlinear systems. This way, the features of the system are disclosed, and the existence of chaos in the system is shown. For the adequate performance of the economy, the economic systems are desired to operate in a unified manner. To this end, in the present research, a fuzzy based-activation feedback controller is proposed for the synchronization of the system. To enhance the celerity and accuracy of the proposed control for synchronization purposes, it is equipped with a fuzzy logic engine. Finally, the numerical simulations of the synchronization are presented and compared with those of a conventional activation feedback control. Numerical results verify that the proposed control technique can successfully push the states of the response system to the desired value.