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Existence and uniqueness of growth cycles in post Keynesian systems

Hiroki Murakami ()

Economic Modelling, 2018, vol. 75, issue C, 293-304

Abstract: In this paper, we explore the existence and uniqueness of a limit cycle (or of a growth cycle) in a post Keynesian system in which investment is determined by the expected rate of profit. We find that a periodic orbit appears if the marginal effect of the expected rate of profit on investment is strong enough and that it is a unique limit cycle if the speed of revisions of expectation is fast enough.

Keywords: Keynesian economics; Expected rate of profit; Growth cycle; Uniqueness (search for similar items in EconPapers)
JEL-codes: E12 E32 (search for similar items in EconPapers)
Date: 2018
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DOI: 10.1016/j.econmod.2018.07.001

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Handle: RePEc:eee:ecmode:v:75:y:2018:i:c:p:293-304