Note on Goodwin's 1951 nonlinear accelerator model with an investment delay
AbstractThis paper reexamines Goodwin's business cycle model with nonlinear acceleration principle that gives rise to cyclic oscillations when its stationary state is locally unstable. Fixed time delay in the investment is replaced by continuously distributed time delay. It is first demonstrated that the latter has stronger stabilizing effect than the former and, second, that multiple limit cycles may coexist when the stationary state is locally stable.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Dynamics and Control.
Volume (Year): 33 (2009)
Issue (Month): 4 (April)
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Web page: http://www.elsevier.com/locate/jedc
Fixed time delay Continuously distributed time delay S-shaped investment function Coexistence of multiple limit cycles;
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