Note on Goodwin's 1951 nonlinear accelerator model with an investment delay
This paper reexamines Goodwin's business cycle model with nonlinear acceleration principle that gives rise to cyclic oscillations when its stationary state is locally unstable. Fixed time delay in the investment is replaced by continuously distributed time delay. It is first demonstrated that the latter has stronger stabilizing effect than the former and, second, that multiple limit cycles may coexist when the stationary state is locally stable.
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- Puu, Tonu, 1986. "Multiplier-accelerator models revisited," Regional Science and Urban Economics, Elsevier, vol. 16(1), pages 81-95, February.
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- Sasakura, Kazuyuki, 1996. "The business cycle model with a unique stable limit cycle," Journal of Economic Dynamics and Control, Elsevier, vol. 20(9-10), pages 1763-1773.
- Yoshida, Hiroyuki & Asada, Toichiro, 2007. "Dynamic analysis of policy lag in a Keynes-Goodwin model: Stability, instability, cycles and chaos," Journal of Economic Behavior & Organization, Elsevier, vol. 62(3), pages 441-469, March.
- Grasman, Johan & Wentzel, Jolanda J., 1994. "Co-existence of a limit cycle and an equilibrium in Kaldor's business cycle model and its consequences," Journal of Economic Behavior & Organization, Elsevier, vol. 24(3), pages 369-377, August.
- Hommes, Cars H., 1993. "Periodic, almost periodic and chaotic behaviour in Hicks' non-linear trade cycle model," Economics Letters, Elsevier, vol. 41(4), pages 391-397.
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