均衡点

特征值

实部符号

λ₁

λ₂

λ₃

E₁ (0, 0, 0)

$-C_t+C_b-\left(\sigma +\delta \right)aw$

$C_{bl}-C_{bh}+\left(\sigma +j\right)w\left(\text{1}-a\right)+Gm\left(\text{1}+k\right)$

q-Gm

(×, ×, ×)

E₂ (0, 0, 1)

$-C_t+C_b-\left(\delta -\rho \right)aw$

C_bl − C_bh

Gm-q

(×, −, ×)

E₃ (0, 1, 0)

$-C_t+C_b-\left(\sigma +\delta \right)aw$

$C_{bh}-C_{bl}-\left[\left(\sigma +j\right)w\left(\text{1}-a\right)+Gm\left(\text{1}+k\right)\right]$

q

(×, ×, +)

E₄ (0, 1, 1)

$-C_t+C_b-\left(\rho -\delta \right)aw$

C_bh − C_bl

-q

(×, +, −)

E₅ (1, 0, 1)

$C_t-C_b+\left(\delta -\rho \right)aw$

C_bl − C_bh

Gm-q

(×, −, ×)

E₆ (1, 0, 0)

$C_t-C_b+\left(\sigma +\delta \right)aw$

C_bl − C_bh

q-Gm

(×, −, ×)

E₇ (1, 1, 0)

$C_t-C_b+\left(\sigma +\delta \right)aw$

C_bh − C_bl

q-Gm

(×, +, ×)

E₈ (1, 1, 1)

$C_t-C_b+\left(\delta -\rho \right)aw$

C_bh − C_bl

Gm-q

(×, +, ×)