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Complex Dynamics in the Neoclassical Growth Model with Differential Savings and Non-Constant Labor Force Growth

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  • Brianzoni Serena

    ()
    (Department of Economic and Financial Institutions, University of Macerata, Italy)

  • Mammana Cristiana

    ()
    (Department of Economic and Financial Institutions, University of Macerata, Italy)

  • Michetti Elisabetta

    ()
    (Department of Economic and Financial Institutions, University of Macerata, Italy)

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    Abstract

    In this paper we analyze the dynamics shown by the neoclassical one-sector growth model with differential savings as in Bohm and Kaas (2000) while assuming CES production function and the labour force dynamic described by the Beverton Holt equation (see Beverton and Holt, 1957). The resulting dynamic system is bidimensional, autonomous and triangular: we investigate its qualitative and quantitative dynamic properties. The study herewith presented aims at confirming that the system can exhibit cycles or even a chaotic dynamic pattern, if shareholders save more than workers, when the elasticity of substitution drops below one (so that capital income declines). The analytical results are supplemented by numerical experiments.

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    Bibliographic Info

    Article provided by De Gruyter in its journal Studies in Nonlinear Dynamics & Econometrics.

    Volume (Year): 11 (2007)
    Issue (Month): 3 (September)
    Pages: 1-19

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    Handle: RePEc:bpj:sndecm:v:11:y:2007:i:3:n:3

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    Cited by:
    1. David Cheban & Cristiana Mammana & Elisabetta Michetti, 2008. "Global Attractors of Non-autonomous Difference Equations," Working Papers, Macerata University, Department of Finance and Economic Sciences 47-2008, Macerata University, Department of Finance and Economic Sciences, revised Oct 2008.
    2. Serena Brianzoni, & Cristiana Mammana, & Elisabetta Michetti,, 2006. "Global attractor in Solow growth model with differential savings and endogenic labor force growth," Working Papers, Macerata University, Department of Finance and Economic Sciences 35-2006, Macerata University, Department of Finance and Economic Sciences, revised Oct 2008.

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