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Hicks’ trade cycle ...
Hicks’ trade cycle revisited : cycles and bifurcations
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- Gallegati, Mauro (author)
- Department of Economics, Universita Politecnica delle Marche, Italy
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- Gardini, Laura (author)
- Department of Economics, University of Urbino, Italy
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- Puu, Tönu, 1936- (author)
- Umeå universitet,Centrum för regionalvetenskap (CERUM)
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- Sushko, Irina (author)
- Institute of Mathematics, National Academy of Sciences of Ukraine, Ukraine
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(creator_code:org_t)
- 2003
- 2003
- English.
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In: Mathematics and Computers in Simulation. - 0378-4754 .- 1872-7166. ; 63:6, s. 505-527
- Related links:
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https://urn.kb.se/re...
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https://doi.org/10.1...
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Abstract
Subject headings
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- In the Trade Cycle, Hicks introduced the idea that endogenous fluctuations could be coupled with a growth process via nonlinear processes. To argue for this hypothesis, Hicks used a piecewise-linear model. This paper shows the need for a reinterpretation of Hicks’ contribution in the light of a more careful mathematical investigation. In particular, it will be shown that only one bound is needed to have non explosive outcome if the equilibrium point is an unstable focus. It will also be shown that when the fixed point is unstable the attracting set has a particular structure: It is a one-dimensional closed invariant curve, made up of a finite number of linear pieces, on which the dynamics are either periodic or quasi-periodic. The conditions under which the model produces periodic or quasi-periodic trajectories and the related bifurcations as a function of the main economic parameters are determined.
Subject headings
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economics (hsv//eng)
Keyword
- Business cycle models
- Piecewise-linear maps
- Tongues of periodicity
- Bifurcation diagram
- Economics
- Nationalekonomi
Publication and Content Type
- ref (subject category)
- art (subject category)
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