Dynamic Complexity in a Keynesian Growth-Cycle Model Involving Harrod's Instability

Journal of Economics/ Zeitschrift fur Nationalokonomie

Volumn 71, Issue 2, 2000, Pages 167-198

  Sportelli, Mario C ^a,b  

^a UNIVERSITY OF BARI   (Italy)

^b UNIVERSITY OF GLASGOW   (United Kingdom)

Author keywords

Business cycle; Chaotic fluctuations; Economic dynamics; Harrod's dynamics

Indexed keywords

EID: 0346639606     PISSN: 09318658     EISSN: None     Source Type: Journal    
DOI: 10.1007/BF01227450     Document Type: Article

References (64)

1. Alexander, S.S. (1950): "Mr. Harrod's Dynamic Model." Economic Journal 60: 724-739.
2. Arneodo, A., Coullet, P., and Tresser, P. (1982): "Oscillators with Chaotic Behavior, an Illustration of a Theorem by Šil'nikov." Journal of Statistical Physics 27: 171-182.
3. Arrow, K.J. (1962): "The Economic Implication of Learning by Doing." Review of Economic Studies 29: 155-173.
4. Baumol, W. J. (1948): "Notes on some Dynamic Models." Economic Journal 58: 506-521.
5. _ (1949): "Formalisation of Mr. Harrod's Model." Economic Journal 59: 625-629.
6. _ (1950): "Yet Another Note on the Harrod-Domar Model." Economic Journal 60: 422-427.
7. Bean, C. R. (1990): "Endogenous Growth and the Procyclical Behaviour of Productivity." European Economic Review 34: 355-363.
8. Besomi, D. (1995): "From the Trade Cycle to the Essay in the Dynamic Theory: the Harrod - Keynes Correspondence, 1937-1938." History of Political Economy 27: 309-343.
9. _ (1996): "Introduction to An Essay in Dynamic Theory: 1938 Draft by Roy F. Harrod." History of Political Economy 28: 245-251.
10. _ (1998a): "Failing to Win Consent: Harrod's Dynamics in the Eyes of his Reader." In Economic Dynamics, Trade and Growth: Essays on Harrodian Themes, edited by G. Rampa, L. Stella, and A. P. Thirlwall. London: MacMillan.
11. _ (1998b): "Harrod and the 'Time-lag Theories of the Cycle'." In Economic Dynamics, Trade and Growth: Essays on Harrodian Themes, edited by G. Rampa, L. Stella, and A. P. Thirlwall. London: MacMillan.
12. Chiarella, C., and Flaschel, P. (1996): "Real and Monetary Cycles in Models of Keynes-Wicksell Type." Journal of Economic Behaviour and Organization 30: 327-351.
13. Choi, H. (1995): "Goodwin's Growth Cycle and the Efficiency Wage Hypothesis." Journal of Economic Behaviour and Organization 27: 223-235.
14. Cohen, W. M., and Levinthal, D. A. (1989): "Innovation and Learning: the Two Faces of R&D." Economic Journal 99: 569-596.
15. Coullet, P., Tresser, C., and Arneodo, A. (1979): "Transition to Stochasticity for a Class of Forced Oscillators." Physics Letters 72A: 268-270.
16. Dieci, L., and Van Vleck, E. S. (1995): "Computation of a Few Lyapunov Exponents for Continuous and Discrete Dynamical Systems." Applied Numerical Mathematics 17: 275-291.
17. Dieci, L., Russel, R. D., and Van Vleck, E. S. (1997): "On the Computation of Lyapunov Exponents for Continuous Dynamical Systems." SIAM Journal of Numerical Analysis 34: 402-423.
18. Fazzari, S. M. (1985): "Keynes, Harrod, and the Rational Expectation Revolution." Journal of Post Keynesian Economics 8: 66-80.
19. Flaschel, P., Franke, R., and Semmler, W. (1997): Dynamic Macroeconomics. Cambridge, Mass.: MIT Press.
20. Franke, R., and Asada, T. (1994): "A Keynes-Goodwin Model of the Business Cycle." Journal of Economic Behaviour and Organization 24: 273-295.
21. Glendinning, P. (1994): Stability, Instability and Chaos. Cambridge: Cambridge University Press.
22. Glendinning, P., and Sparrow, C. (1984): "Local and Global Behaviour near Homoclinic Orbits." Journal of Statistical Physics 35: 645-696.
23. Glombowski, J., and Krüger, M. (1982): "On Instability Principles in the Context of Growth Cycle Theory." Economic Notes 11: 130-147.
24. Goodwin, R. M. (1951): "The Non-linear Accelerator and the Persistence of Business Cycle." Econometrica 19: 1-17.
25. _ (1967): "A Growth Cycle." In Socialism, Capitalist and Growth, edited by C. H. Feinstein. Cambridge: Cambridge University Press.
26. Hahn, F. H. (1990): "Solowian Growth Models." In Growth, Productivity, Unemployment, edited by P. Diamond. Cambridge, Mass.: MIT Press.
27. Hahn, F. H., and Matthews, R. C. O. (1964): "The Theory of Economic Growth: a Survey." Economic Journal 74: 779-901.
28. Haidegger, W. (1991): "Basic Facts about Homoclinic and Heteroclinic Orbits and their Importance in the Theory of Analytical Chaos." Reports on Mathematical Physics 30: 53-62.
29. Hale, J. K., and Koçak, H. (1991): Dynamics and Bifurcation. Berlin: Springer.
30. Harrod, R. F. (1936): The Trade Cycle. Oxford: Clarendon Press.
31. _ (1939): "An Essay in Dynamic Theory." Economic Journal 49: 14-33.
32. _ (1948): Towards a Dynamic Economics. London: MacMillan.
33. _ (1951): "Notes on Trade Cycle Theory." Economic Journal 61: 261-275.
34. _ (1973): Economic Dynamics. London: MacMillan.
35. _ (1996): "An Essay in Dynamic Theory: 1938 Draft," edited by D. Besomi. History of Political Economy 28: 253-280.
36. Kaldor, N. (1940): "A Model of the Trade Cycle." Economic Journal 50: 78-92.
37. _ (1955/56): "Alternative Theories of Distribution." Review of Economic Studies 23: 94-100.
38. _ (1961): "Capital Accumulation and Economic Growth." In The Theory of Capital, edited by F. A. Lutz and D. C. Hague, New York: St. Martin's Press.
39. Kalecki, M. (1962): "Observation on the Theory of Growth." Economic Journal 72: 134-153.
40. King, M. A., and Robson, M. H. (1992): "Investment and Technical Progress." Oxford Review of Economic Policy 8: 43-56.
41. _ (1993): "A Dynamic Model of Investment and Endogenous Growth." In Endogenous Growth, edited by T. M. Andersen and K. O. Moene. Oxford: Blackwell.
42. Kregel, J. A. (1980): "Economic Dynamics and the Theory of Steady Growth: an Historical Essay on Harrod's Knife-Edge." History of Political Economy 12: 97-123.
43. Kydland, F. E. (1995): "Business Cycle and Aggregate Labor Market Fluctuations." In Frontiers of Business Cycle Research, edited by T. F. Cooley. Princeton, N.J.: Princeton University Press.
44. Lorenz, H. W. (1992): "Complex Dynamics in Low-dimensional Continuous-time Business Cycle Models: the Šil'nikov Case." System Dynamics Review 8: 233-250.
45. _ (1993): Non-linear Dynamical Economics and Chaotic Motion. Berlin: Springer.
46. Malley, J., and Muscatelli, V. A. (1996): "Business Cycle and Productivity Growth: Are Temporary Downturns Productive or Wasteful?" Discussion Papers in Economics no. 9605, Department of Political Econonmy, University of Glasgow, Glasgow.
47. Medio, A., and Gallo, G. (1992): Chaotic Dynamics. Cambridge: Cambridge University Press.
48. Offerman, T., and Sonnemans, J. (1998): "Learning by Experience and Learning by Imitating Successful Others." Journal of Economic Behaviour and Organization 34: 559-579.
49. Pasinetti, L. (1962): "Rate of Profit and Income Distribution in Relation to the Rate of Economic Growth." Review of Economic Studies 29: 184-196.
50. Pugno, M. (1992): Roy F. Harrod: dall'Equilibrio Dinamico alla Instabilità Ciclica. Bologna: Il Mulino.
51. _ (1998): "Harrod's Economic Dynamics as a Persistent and Changing Adjustment Process." In Economic Dynamics, Trade and Growth: Essays on Harrodian Themes, edited by G. Rampa, L. Stella, and A. P. Thirlwall. London: MacMillan.
52. Romer, P. M. (1986): "Increasing Returns and Long-Run Growth." Journal of Political Economy 94: 1002-1037.
53. _ (1989): "Capital Accumulation in the Theory of Long-Run Growth." In Modern Business Cycle Theory, edited by R. J. Barro. Cambridge, Mass.: Harvard University Press.
54. _ (1990): "Endogenous Technological Change." Journal of Political Economy 98: S71-S102.
55. Rose, H. (1967): "On the Non-Linear Theory of the Employment Cycle." Review of Economic Studies 34: 153-173.
56. Saint-Paul, G. (1993): "Productivity Growth and the Structure of the Business Cycle." European Economic Review 37: 861-890.
57. Šil'nikov, L. P. (1970): "A Contribution to the Structure of an Extended Neighbourhood of a Rough Equilibrium of Saddle-focus Type." Mathematical USSR Sbornik 10: 91-102.
58. Solow, R. M. (1956): "A Contribution to the Theory of Economic Growth." Quarterly Journal of Economics 70: 65-94.
59. Stadler, G. W. (1990): "Business Cycle Models with Endogenous Technology." American Economic Review 80: 763-778.
60. Swan, T. W. (1956): "Economic Growth and Capital Accumulation." Economic Record 32: 334-361.
61. Tresser, C. (1984): "About some Theorems by L. P. Šil'nikov." Annales de l'Institut Henri Poincaré 40: 441-461.
62. Turnovsky, S. J. (1995): Methods of Macroeconomic Dynamics. Cambridge, Mass.: MIT Press.
63. Verhulst, F. (1996): Non-linear Differential Equations and Dynamical Systems. Berlin: Springer.
64. Wiggins, S. (1990): Introduction to Applied Non-linear Dynamical Systems and Chaos. Berlin: Springer.