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Regular and chaotic growth in a Hicksian floor/ceiling model

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Author Info

  • Sushko, Iryna
  • Gardini, Laura
  • Puu, Tönu

Abstract

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.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Behavior & Organization.

Volume (Year): 75 (2010)
Issue (Month): 1 (July)
Pages: 77-94

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Handle: RePEc:eee:jeborg:v:75:y:2010:i:1:p:77-94

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Web page: http://www.elsevier.com/locate/jebo

Related research

Keywords: Hicksian model;

References

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  1. Puu, Tonu & Gardini, Laura & Sushko, Irina, 2005. "A Hicksian multiplier-accelerator model with floor determined by capital stock," Journal of Economic Behavior & Organization, Elsevier, vol. 56(3), pages 331-348, March.
  2. Puu, Tonu, 2007. "The Hicksian trade cycle with floor and ceiling dependent on capital stock," Journal of Economic Dynamics and Control, Elsevier, vol. 31(2), pages 575-592, February.
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Cited by:
  1. Gomes, Orlando, 2012. "Information stickiness in general equilibrium and endogenous cycles," Economics Discussion Papers 2012-46, Kiel Institute for the World Economy.
  2. Ingrid Kubin & Laura Gardini, 2013. "Border collision bifurcations in boom and bust cycles," Journal of Evolutionary Economics, Springer, vol. 23(4), pages 811-829, September.

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