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Complex Dynamics in the Neoclassical Growth Model with Differential Savings and Non-Constant Labor Force Growth

Author

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  • Brianzoni Serena

    () (Department of Economic and Financial Institutions, University of Macerata, Italy)

  • Mammana Cristiana

    () (Department of Economic and Financial Institutions, University of Macerata, Italy)

  • Michetti Elisabetta

    () (Department of Economic and Financial Institutions, University of Macerata, Italy)

Abstract

In this paper we analyze the dynamics shown by the neoclassical one-sector growth model with differential savings as in Bohm and Kaas (2000) while assuming CES production function and the labour force dynamic described by the Beverton Holt equation (see Beverton and Holt, 1957). The resulting dynamic system is bidimensional, autonomous and triangular: we investigate its qualitative and quantitative dynamic properties. The study herewith presented aims at confirming that the system can exhibit cycles or even a chaotic dynamic pattern, if shareholders save more than workers, when the elasticity of substitution drops below one (so that capital income declines). The analytical results are supplemented by numerical experiments.

Suggested Citation

  • Brianzoni Serena & Mammana Cristiana & Michetti Elisabetta, 2007. "Complex Dynamics in the Neoclassical Growth Model with Differential Savings and Non-Constant Labor Force Growth," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 11(3), pages 1-19, September.
  • Handle: RePEc:bpj:sndecm:v:11:y:2007:i:3:n:3
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    Cited by:

    1. David Cheban & Cristiana Mammana & Elisabetta Michetti, 2008. "Global Attractors of Non-autonomous Difference Equations," Working Papers 47-2008, Macerata University, Department of Finance and Economic Sciences, revised Oct 2008.
    2. Serena Brianzoni, & Cristiana Mammana, & Elisabetta Michetti,, 2006. "Global attractor in Solow growth model with differential savings and endogenic labor force growth," Working Papers 35-2006, Macerata University, Department of Finance and Economic Sciences, revised Oct 2008.
    3. Serena Brianzoni & Raffaella Coppier & Elisabetta Michetti, 2015. "Multiple equilibria in a discrete time growth model with corruption in public procurement," Quality & Quantity: International Journal of Methodology, Springer, vol. 49(6), pages 2387-2410, November.
    4. Michetti, Elisabetta, 2015. "Complex attractors and basins in a growth model with nonconcave production function and logistic population growth rate," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 108(C), pages 215-232.

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