A Short Survey On Chaotic Dynamics In Solow-Type Growth Models
In this paper we review some Solow-type growth models, framed is discrete time, which are able to generate complex dynamic behaviour. For these models ï¿½ put forward by Day (1982, 1983); Bï¿½hm and Kaas (2000); and Commendatore (2005) ï¿½ we show that crucial features which could determine the emergence of regular or irregular growth cycles are (i) if the average saving ratio is constant or not; and (ii) the curvature of production function, representing the degree of substitutability between labour and capital. The lower the degree of substitutability, the higher the likelihood of complex behaviour.
Volume (Year): 3 (2008)
Issue (Month): 3(5)_Fall2008 ()
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- Boldrin, Michele & Woodford, Michael, 1990.
"Equilibrium models displaying endogenous fluctuations and chaos : A survey,"
Journal of Monetary Economics,
Elsevier, vol. 25(2), pages 189-222, March.
- Michele Boldrin & Michael Woodford, 1988. "Equilibruim Models Displaying Endogenous Fluctuations and Chaos: A Survey," UCLA Economics Working Papers 530, UCLA Department of Economics.
- Chiang, Alpha C, 1973. "A Simple Generalization of the Kaldor-Pasinetti Theory of Profit Rate and Income Distribution," Economica, London School of Economics and Political Science, vol. 40(159), pages 311-13, August.
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