Feedback dynamic control for exiting a debt-induced spiral in a deterministic Keen model

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dc.contributor.authorPerez Avellaneda, Ivan
dc.contributor.authorRosales, Francisco
dc.contributor.authorDuffaut Espinosa, Luis A.
dc.date.accessioned2024-07-08T14:45:46Z
dc.date.available2024-07-08T14:45:46Z
dc.date.issued2024-02-09
dc.description.abstractThe Keen model is designed to represent an economy as a dynamic system governed by the interactions between private debt, wage share, and employment rate. When certain conditions are met, the model can lead to a debt spiral, which accurately mimics the impact of a financial crisis on an economy. This manuscript presents a recipe for breaking this spiral by expressing Keen’s model as an affine nonlinear system that can be modified through policy interventions. We begin by considering critical initial conditions that resemble a financial crisis to achieve this goal. We then locate a desired point within the system’s vector field that leads to a desirable equilibrium and design a path towards it. This path is later followed using one-step-ahead optimal control. We illustrate our approach by presenting simulated control scenarios.en_EN
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dc.identifier.citationPerez Avellaneda, I., Rosales, F., & Duffaut Espinosa, L. A. (2024). Feedback dynamic control for exiting a debt-induced spiral in a deterministic Keen model. PLoS ONE, 19(2), e0295859. https://doi.org/10.1371/journal.pone.0295859
dc.identifier.doihttps://doi.org/10.1371/journal.pone.0295859
dc.identifier.urihttps://hdl.handle.net/20.500.12640/4016
dc.language.isoeng
dc.publisherPublic Library of Science
dc.publisher.countryUS
dc.relation.ispartofurn:issn:1932-6203
dc.relation.urihttps://journals.plos.org/plosone/article/file?id=10.1371/journal.pone.0295859&type=printable
dc.rightsAttribution 4.0 International*
dc.rightsinfo:eu-repo/semantics/openAccess*
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/
dc.subjectKeen modelen_EN
dc.subjectModelo Keenes_ES
dc.subjectDebt spiralen_EN
dc.subjectEspiral de deudaes_ES
dc.subject.ocdehttps://purl.org/pe-repo/ocde/ford#5.02.04
dc.titleFeedback dynamic control for exiting a debt-induced spiral in a deterministic Keen modelen_EN
dc.typeinfo:eu-repo/semantics/article
dc.type.otherArtículo
dc.type.versioninfo:eu-repo/semantics/publishedVersion
local.author.orcidhttps://orcid.org/0000-0003-2347-632X
oaire.citation.issue2
oaire.citation.startPagee0295859
oaire.citation.titlePLoS ONE
oaire.citation.volume19
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