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Van Der Pol's Equation and an Economic Model of Cycles

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  • Miloslav Vošvrda

Abstract

The Van der Pol's equation (VdPe) with an appropriate feedback is applied on construction of a model of economic cycles. The model exhibits the ability of the savings and investments to give output in a limit cycle by bifurcation. According to the life cycle hypothesis, the households will have a constant, or will continuously increase, the marginal propensity to saving. The saving deviation is accelerated in relation with the gap between the GDP and its potential value of the GDP, i.e., GDP is measured by full employment of the industrial capacity. A behavior of VdPe is analysed in dependence on different levels of capital/output rotio respectivelly. The behavior of the economic model of cycles is analyzed under the three conditions: Potential output will be considered as fixed constant, Potential output will be considered with constant rote of growth, Potential output will be considered with increasing rote of growth.

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Bibliographic Info

Article provided by The Czech Econometric Society in its journal Bulletin of the Czech Econometric Society.

Volume (Year): 6 (1999)
Issue (Month): 10 ()
Pages:

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Handle: RePEc:czx:journl:v:6:y:1999:i:10:id:74

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Keywords: A model of economic cycles; the life cycle hypothesis; the chaotic 3D system; the bifurcation; the limit cycle;

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