Nonlinear Dynamics in the Solow Model with Bounded Population Growth and Time-to-Build Technology
The aim of this paper is to show that the Solow model equipped by realistic assumptions on technology and population dynamics is capable of explaining a well-known stylised fact of growth, that is, the presence of persistent oscillations of demoeconomic variables. In particular, our analysis shows t...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Wiley
2013-01-01
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| Series: | Abstract and Applied Analysis |
| Online Access: | http://dx.doi.org/10.1155/2013/836537 |
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| Summary: | The aim of this paper is to show that the Solow model equipped by realistic
assumptions on technology and population dynamics is capable of explaining a
well-known stylised fact of growth, that is, the presence of persistent
oscillations of demoeconomic variables. In particular, our analysis shows that
the coexistence of delays between (i) new investment and production and (ii) the
birth date and the recruitment in the labour force is a source of cyclical
behaviour in capital accumulation. |
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| ISSN: | 1085-3375 1687-0409 |