Oscillations in a Growth Model with Endogenous Wealth, Resource, Housing, and Elastic Labour Supply
Wei-Bin Zhang ()
International Journal of Economics and Empirical Research (IJEER), 2015, vol. 3, issue 9, 458-472
Purpose: This paper is concerned with business cycles in the economic growth model with endogenous wealth and resources proposed by Zhang (2013). Methodology- The model studies dynamics of economic structure with housing, agricultural and industrial sectors. The land is distributed between renewable resource, agricultural, and farming use. The model combines the main economic mechanisms in the Solow growth model, the Ricardian two-sector economic model, and the logistic model in resource economics in a compact framework. Findings- The study makes a straightforward generalization of Zhangâ€™s model by treating all the time-independent parameters as time-dependent parameters. Recommendations: We simulate the model to demonstrate existence of business oscillations under different periodic shocks.
Keywords: Economic oscillations; Renewable resource; Wealth accumulation; economic structure (search for similar items in EconPapers)
JEL-codes: O41 Q2 E3 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ijr:journl:v:3:y:2015:i:9:p:458-472
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