Local bifurcations and global dynamics in a solow-type endogenous business cycles model

Detalhes bibliográficos
Autor(a) principal: Gomes, O.
Data de Publicação: 2006
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: https://ciencia.iscte-iul.pt/id/ci-pub-22754
http://hdl.handle.net/10071/14088
Resumo: Neoclassical growth models are essentially characterized by the formation of a steady state where the main economic aggregates (capital, output, consumption and investment) do not grow, unless some external event takes place (e.g.,technological progress or population growth). Hence, the long term result corresponds to a fixed point and any kind of endogenous fluctuations is ruled out. This paper introduces an inefficiency mechanism through which non perfect firms’ expectations about future demand conduct to underinvestment, which originates periodic and a-periodic long run cycles; this mechanism is applied over the simplest neoclassical growth model, the Solow equation regarding capital accumulation. Results, containing a large variety of dynamic features, are discussed through the analysis of local bifurcations and through numerical examples that give insights about global dynamics.
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spelling Local bifurcations and global dynamics in a solow-type endogenous business cycles modelEndogenous business cyclesSolow growth modelNonlinear dynamicsBifurcationsChaosNeoclassical growth models are essentially characterized by the formation of a steady state where the main economic aggregates (capital, output, consumption and investment) do not grow, unless some external event takes place (e.g.,technological progress or population growth). Hence, the long term result corresponds to a fixed point and any kind of endogenous fluctuations is ruled out. This paper introduces an inefficiency mechanism through which non perfect firms’ expectations about future demand conduct to underinvestment, which originates periodic and a-periodic long run cycles; this mechanism is applied over the simplest neoclassical growth model, the Solow equation regarding capital accumulation. Results, containing a large variety of dynamic features, are discussed through the analysis of local bifurcations and through numerical examples that give insights about global dynamics.Peking University Press2017-07-19T14:38:54Z2006-01-01T00:00:00Z20062017-07-19T14:37:13Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttps://ciencia.iscte-iul.pt/id/ci-pub-22754http://hdl.handle.net/10071/14088eng1529-7373Gomes, O.info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-11-09T17:49:45Zoai:repositorio.iscte-iul.pt:10071/14088Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:24:28.465846Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Local bifurcations and global dynamics in a solow-type endogenous business cycles model
title Local bifurcations and global dynamics in a solow-type endogenous business cycles model
spellingShingle Local bifurcations and global dynamics in a solow-type endogenous business cycles model
Gomes, O.
Endogenous business cycles
Solow growth model
Nonlinear dynamics
Bifurcations
Chaos
title_short Local bifurcations and global dynamics in a solow-type endogenous business cycles model
title_full Local bifurcations and global dynamics in a solow-type endogenous business cycles model
title_fullStr Local bifurcations and global dynamics in a solow-type endogenous business cycles model
title_full_unstemmed Local bifurcations and global dynamics in a solow-type endogenous business cycles model
title_sort Local bifurcations and global dynamics in a solow-type endogenous business cycles model
author Gomes, O.
author_facet Gomes, O.
author_role author
dc.contributor.author.fl_str_mv Gomes, O.
dc.subject.por.fl_str_mv Endogenous business cycles
Solow growth model
Nonlinear dynamics
Bifurcations
Chaos
topic Endogenous business cycles
Solow growth model
Nonlinear dynamics
Bifurcations
Chaos
description Neoclassical growth models are essentially characterized by the formation of a steady state where the main economic aggregates (capital, output, consumption and investment) do not grow, unless some external event takes place (e.g.,technological progress or population growth). Hence, the long term result corresponds to a fixed point and any kind of endogenous fluctuations is ruled out. This paper introduces an inefficiency mechanism through which non perfect firms’ expectations about future demand conduct to underinvestment, which originates periodic and a-periodic long run cycles; this mechanism is applied over the simplest neoclassical growth model, the Solow equation regarding capital accumulation. Results, containing a large variety of dynamic features, are discussed through the analysis of local bifurcations and through numerical examples that give insights about global dynamics.
publishDate 2006
dc.date.none.fl_str_mv 2006-01-01T00:00:00Z
2006
2017-07-19T14:38:54Z
2017-07-19T14:37:13Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://ciencia.iscte-iul.pt/id/ci-pub-22754
http://hdl.handle.net/10071/14088
url https://ciencia.iscte-iul.pt/id/ci-pub-22754
http://hdl.handle.net/10071/14088
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 1529-7373
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Peking University Press
publisher.none.fl_str_mv Peking University Press
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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