Theories of the Trade Cycle

Kumaraswamy Velupillai
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Kumaraswamy Velupillai: University Of Copenhagen

Chapter 1 in Business Cycles, 1991, pp 3-38 from Palgrave Macmillan

Abstract: Abstract [V]an der Pol believes that even periodic business cycles show a certain analogy to the relaxation oscillation of a physical system. The essential condition for such oscillations is negative damping for small deviations and a rather rapidly increasing positive damping for large deviations from the equilibrium position. The psychological response of certain groups of people to changing business conditions shows doubtless some analogy to the behaviour of mechanical systems capable of relaxation oscillations (von Karman, 1940, p. 624).

Keywords: Business Cycle; Relaxation Oscillation; Causal Theory; Overlap Generation Model; Political Business Cycle (search for similar items in EconPapers)
Date: 1991
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DOI: 10.1007/978-1-349-11570-9_1

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