کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
884294 | 912382 | 2010 | 18 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Regular and chaotic growth in a Hicksian floor/ceiling model
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
In some previous papers the present authors reassembled the Hicksian trade cycle model in a new way. The floor was tied to depreciation on capital, itself the cumulative sum of past net investments, for which the principle of acceleration provided an explanation. Hence no alien elements were needed to include capital, and so close the system. The resulting model created a growth trend along with growth rate cycles, which could be periodic or quasiperiodic. In the current paper, the ceiling, using capital stock as a capacity limit for production, is added. It then turns out that pure growth no longer exists, and chaos and multistability become possible, which they were not in the previous model. A variety of bifurcation scenarios is explored, and a full understanding of the working of the four-piece, originally three-dimensional, piecewise smooth map, is attained, using a reduction to a one-dimensional return map.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Behavior & Organization - Volume 75, Issue 1, July 2010, Pages 77-94
Journal: Journal of Economic Behavior & Organization - Volume 75, Issue 1, July 2010, Pages 77-94
نویسندگان
Iryna Sushko, Laura Gardini, Tönu Puu,