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On Impossibility of Limit Cycles in Certain Two-Dimensional Continuous-Time Growth Mode

Listed author(s):
  • Slobodyan Sergey

    (CERGE-EI)

This article proves that periodic trajectories are generically impossible in a class of continuous-time growth models that allow a locally indeterminate steady state. Those models reducible to the two-dimensional Lotka-Volterra system of equations constitute the class considered here. Knowledge of the presence or absence of the limit cycles allows a global phase diagram of the system to be constructed. In particular, an explosive steady state implies that all perfect-foresight trajectories diverge to infinity and that the model cannot be used even locally.

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File URL: https://www.degruyter.com/view/j/snde.2001.5.1/snde.2001.5.1.1069/snde.2001.5.1.1069.xml?format=INT
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Article provided by De Gruyter in its journal Studies in Nonlinear Dynamics & Econometrics.

Volume (Year): 5 (2001)
Issue (Month): 1 (April)
Pages: 1-9

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Handle: RePEc:bpj:sndecm:v:5:y:2001:i:1:n:3
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  1. Benhabib Jess & Farmer Roger E. A., 1994. "Indeterminacy and Increasing Returns," Journal of Economic Theory, Elsevier, vol. 63(1), pages 19-41, June.
  2. Schmitt-Grohe, Stephanie & Uribe, Martin, 1997. "Balanced-Budget Rules, Distortionary Taxes, and Aggregate Instability," Journal of Political Economy, University of Chicago Press, vol. 105(5), pages 976-1000, October.
  3. Guo, Jang-Ting, 1999. "Multiple equilibria and progressive taxation of labor income," Economics Letters, Elsevier, vol. 65(1), pages 97-103, October.
  4. Guo, Jang-Ting & Lansing, Kevin J., 1998. "Indeterminacy and Stabilization Policy," Journal of Economic Theory, Elsevier, vol. 82(2), pages 481-490, October.
  5. Sergey Slobodyan, 2001. "Sunspot Fluctuations: A Way Out of the Development Trap?," CERGE-EI Working Papers wp175, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
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