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Uniqueness in Planar Endogenous Business Cycle Theories

In: Keynesian, Sraffian, Computable and Dynamic Economics

Author

Listed:
  • Ragupathy Venkatachalam

    (University of London)

  • Ying-Fang Kao

    (Machine Learning and AI Division, Just Eat)

Abstract

We examine some uniqueness theorems concerning the attractors (limit cycles) of dynamic planar models of non-linear, endogenous theories of the business cycle. We confine our attention to the pioneering models of Goodwin, Kaldor, Hicks and their variations. For Goodwin’s non-linear multiplier-accelerator model with a single non-linearity, we provide sufficient conditions for establishing uniqueness of the limit cycle based on a theorem by de Figueiredo. We also discuss issues concerning the algorithmic decidability of the number of attractors for these models within the framework of computable analysis.

Suggested Citation

  • Ragupathy Venkatachalam & Ying-Fang Kao, 2021. "Uniqueness in Planar Endogenous Business Cycle Theories," Springer Books, in: Kumaraswamy Velupillai (ed.), Keynesian, Sraffian, Computable and Dynamic Economics, chapter 12, pages 273-310, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-58131-2_12
    DOI: 10.1007/978-3-030-58131-2_12
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