Robust cyclical growth
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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Volume (Year): 1 (2005)
Issue (Month): 3 ()
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References listed on IDEAS
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- 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.
- Kiminori Matsuyama, 1999.
"Growing Through Cycles,"
Econometric Society, vol. 67(2), pages 335-348, March.
- Kiminori Matsuyama, 1996. "Growing Through Cycles," Discussion Papers 1203, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Matsuyama, K., 1996. "Growing through cycles," DELTA Working Papers 96-18, DELTA (Ecole normale supérieure).
- Matsuyama, Kiminori, 1996. "Growing Through Cycles," Economics Series 40, Institute for Advanced Studies.
- Day, Richard H. & Pianigiani, Giulio, 1991. "Statistical dynamics and economics," Journal of Economic Behavior & Organization, Elsevier, vol. 16(1-2), pages 37-83, July.
- Day, Richard H. & Pianigiani, Giulio, 1991. "Statistical Dynamics and Economics," Working Paper Series 293, Research Institute of Industrial Economics. Full references (including those not matched with items on IDEAS)