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A General Dynamic Equilibrium Model and Business Cycles

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  • Wei-Bin ZHANG

    (Ritsumeikan Asia Pacific University)

Abstract

This study generalizes the economic growth model of heterogeneous households proposed by Zhang (2017). Zhang’s model is built on Ricardian theory of distribution, Walrasian general equilibrium theory, and neoclassical growth theory. The heterogeneous-household economy is composed of a consumer goods sector, an agricultural goods sector, and one capital goods sector. Technology, land, population and human capital are exogenous. This paper generalizes Zhang’s model by allowing constant coefficients to be time-dependent. We show the existence of business cycles due to different exogenous oscillatory changes

Suggested Citation

  • Wei-Bin ZHANG, 2018. "A General Dynamic Equilibrium Model and Business Cycles," RAIS Journal for Social Sciences, Research Association for Interdisciplinary Studies, vol. 2(2), pages 1-15, December.
    • Handle: RePEc:smo:jornl1:v:2:y:2018:i:2:p:11-24
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    References listed on IDEAS

    as
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    3. Haider, Mohammed Ziaul, 2010. "Raw Material Sourcing and Firm Performance: Evidence from Manufacturing Firms in South-West Bangladesh," Bangladesh Development Studies, Bangladesh Institute of Development Studies (BIDS), vol. 33(4), pages 51-61, December.
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