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Robust cyclical growth

  • Anjan Mukherji

The stability of cyclical growth within the context of a model in Matsuyama (1999) is examined.It is shown that but for an extreme situation, the two-cycles are unique and a range of parameter values which imply the stability of such cyclical growth is derived. The growth enhancing property of 2-cycles are shown to be retained by any cycle; the results of simulation exercises carried out are reported to show that for very wide range of parameter values, such cyclical growth paths are stable and thus robustness of the conclusions are established. Finally, the configuration of parameters for which the dynamics exhibits complicated (chaotic) behavior is also identified.

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Article provided by The International Society for Economic Theory in its journal International Journal of Economic Theory.

Volume (Year): 1 (2005)
Issue (Month): 3 ()
Pages: 233-246

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Handle: RePEc:bla:ijethy:v:1:y:2005:i:3:p:233-246
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  1. Mitra, Tapan, 2001. "A Sufficient Condition for Topological Chaos with an Application to a Model of Endogenous Growth," Journal of Economic Theory, Elsevier, vol. 96(1-2), pages 133-152, January.
  2. Day, Richard H. & Pianigiani, Giulio, 1991. "Statistical dynamics and economics," Journal of Economic Behavior & Organization, Elsevier, vol. 16(1-2), pages 37-83, July.
  3. Kiminori Matsuyama, 1999. "Growing Through Cycles," Econometrica, Econometric Society, vol. 67(2), pages 335-348, March.
  4. Day, Richard H. & Pianigiani, Giulio, 1991. "Statistical Dynamics and Economics," Working Paper Series 293, Research Institute of Industrial Economics.
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