Uniqueness in Planar Endogenous Business Cycle Theories

Ragupathy Venkatachalam () and Ying-Fang Kao ()
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Ragupathy Venkatachalam: University of London
Ying-Fang Kao: Machine Learning and AI Division, Just Eat

Chapter 12 in Keynesian, Sraffian, Computable and Dynamic Economics, 2021, pp 273-310 from Springer

Abstract: Abstract We examine some uniqueness theorems concerning the attractors (limit cycles) of dynamic planar models of non-linear, endogenous theories of the business cycle. We confine our attention to the pioneering models of Goodwin, Kaldor, Hicks and their variations. For Goodwin’s non-linear multiplier-accelerator model with a single non-linearity, we provide sufficient conditions for establishing uniqueness of the limit cycle based on a theorem by de Figueiredo. We also discuss issues concerning the algorithmic decidability of the number of attractors for these models within the framework of computable analysis.

Keywords: Endogenous business cycles; Uniqueness; Goodwin; Decidability; One-sided oscillator (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-58131-2_12

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DOI: 10.1007/978-3-030-58131-2_12

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