The business cycle model with a unique stable limit cycle

Kazuyuki Sasakura*

*この研究の対応する著者

研究成果: Article査読

16 被引用数 (Scopus)

抄録

This paper provides the mathematical foundation to the long-standing academic belief that Goodwin's 1951 nonlinear business cycle model has a unique stable limit cycle. In spite of the asymmetric nonlinearity of investment function, the model has certainly a unique stable limit cycle in an economically meaningful region. Once solution paths start from any initial point in the region, they all tend to the limit cycle without escaping from the region or hitting the ceiling or floor of investment during a transition period. The structural stability of the model prevents the limit cycle from vanishing in the face of small perturbations.

本文言語English
ページ(範囲)1763-1773
ページ数11
ジャーナルJournal of Economic Dynamics and Control
20
9-10
DOI
出版ステータスPublished - 1996

ASJC Scopus subject areas

  • 経済学、計量経済学
  • 制御と最適化
  • 応用数学

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