Endogenous cycles from income diversity, capital ownership, and differential savings

Anna Agliari (), Volker Böhm and Nicolò Pecora

Chaos, Solitons & Fractals, 2020, vol. 130, issue C

Abstract: Endogenous cycles in standard growth models with capital accumulation of the Solow or the OLG type occur only when there is some degree of heterogeneity among consumers, differential savings, income diversity, or market specialization. Otherwise, without income effects or distribution effects long run steady states are mostly asymptotically stable predicting stable balanced growth for many of the commonly accepted growth models under most aggregative concave neoclassical production functions.

Keywords: Capital ownership; Income diversity; Differential savings; Neimark–Sacker bifurcation; Homoclinic tangles; Multistability (search for similar items in EconPapers)
JEL-codes: C62 D24 E32 O42 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eee:chsofr:v:130:y:2020:i:c:s0960077919303819

DOI: 10.1016/j.chaos.2019.109435

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