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Note on Goodwin's 1951 nonlinear accelerator model with an investment delay

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  • Matsumoto, Akio
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    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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    File URL: http://www.sciencedirect.com/science/article/pii/S0165-1889(08)00181-4
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    Article provided by Elsevier in its journal Journal of Economic Dynamics and Control.

    Volume (Year): 33 (2009)
    Issue (Month): 4 (April)
    Pages: 832-842

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    Handle: RePEc:eee:dyncon:v:33:y:2009:i:4:p:832-842
    Contact details of provider: Web page: http://www.elsevier.com/locate/jedc

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    1. Matsumoto, Akio, 1997. "A non-linear macro model of endogenous inventory oscillations," Research in Economics, Elsevier, vol. 51(2), pages 101-129, June.
    2. 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.
    3. Hommes, Cars H., 1995. "A reconsideration of Hicks' non-linear trade cycle model," Structural Change and Economic Dynamics, Elsevier, vol. 6(4), pages 435-459, December.
    4. 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.
    5. 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.
    6. 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.
    7. Puu, Tonu, 1986. "Multiplier-accelerator models revisited," Regional Science and Urban Economics, Elsevier, vol. 16(1), pages 81-95, February.
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