 Nonlinear dynamics in a business-cycle model with logistic population growthSerena Brianzoni, Cristiana Mammana and Elisabetta Michetti Chaos, Solitons & Fractals, 2009, vol. 40, issue 2, 717-730 Abstract: We consider a discrete-time growth model of the Solow type where workers and shareholders have different but constant saving rates and the population growth dynamics is described by the logistic equation able to exhibit complicated dynamics. We show conditions for the resulting system having a compact global attractor and we describe its structure. We also perform a mainly numerical analysis using the critical lines method able to describe the strange attractor and the absorbing area, in order to show how cyclical or complex fluctuations may be produced in a business-cycle model. We study the dynamic behaviour of the model under different ranges of the main parameters, i.e. the elasticity of substitution between the two production factors and the one in the logistic equation (namely μ). We prove the existence of complex dynamics when the elasticity of substitution between production factors drops below one (so that capital income declines) or μ increases (so that the amplitude of movements in the population growth rate increases). Date: 2009 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:chsofr:v:40:y:2009:i:2:p:717-730 DOI: 10.1016/j.chaos.2007.08.041 Access Statistics for this article Chaos, Solitons & Fractals is currently edited by Stefano Boccaletti and Stelios Bekiros More articles in Chaos, Solitons & Fractals from Elsevier |
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