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Growth Cycles in a Discrete, Nonlinear Model

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Author Info
Marc Jarsulic
Abstract

This paper develops a discrete, nonlinear growth cycle model for a macroeconomy. The nonlinearities, which correspond to empirical relationships between profitability and capacity utilization in the postwar U.S. economy, can produce stable, periodic and chaotic behavior. These behaviors are established analytically, and further investigated through simulation. Data from the simulations are used to show that chaotic attractors can produce time series which are useful representations of business cycles.

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File URL: http://www.levy.org/pubs/wp30.pdf
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Paper provided by Levy Economics Institute, The in its series Economics Working Paper Archive with number 30.

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Date of creation: Aug 1989
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Handle: RePEc:lev:wrkpap:30

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  1. Day, Richard H. & Shafer, Wayne, 1985. "Keynesian chaos," Journal of Macroeconomics, Elsevier, vol. 7(2), pages 277-295. [Downloadable!] (restricted)
  2. Baumol, William J & Benhabib, Jess, 1989. "Chaos: Significance, Mechanism, and Economic Applications," Journal of Economic Perspectives, American Economic Association, vol. 3(1), pages 77-105, Winter. [Downloadable!] (restricted)
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  3. Skott, Peter, 1989. "Effective Demand, Class Struggle and Cyclical Growth," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 30(1), pages 231-47, February. [Downloadable!] (restricted)
  4. Day, Richard H. & Shafer, Wayne, 1985. "Keynesian Chaos," Journal of Macroeconomics, Elsevier, vol. 7(3), pages 277-295. [Downloadable!] (restricted)
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This page was last updated on 2009-12-3.

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