Dynamic Investigations of an Endogenous Business Cycle Model with Heterogeneous Agents

Spiros Bougheas, Pasquale Commendatore, Laura Gardini and Ingrid Kubin ()
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Laura Gardini: University of Urbino Carlo Bo
Ingrid Kubin: Vienna University of Economics and Business

Computational Economics, 2025, vol. 65, issue 2, No 6, 665-689

Abstract: Abstract We introduce agents’ heterogeneity into a model of endogenous business cycles, in which agents can invest either in ‘good’ projects that contribute to future capital formation, or in ‘bad’ projects without that property. The resulting map involves three distinct regimes, two of which we linearize. Using theoretical results on piecewise linear systems and on border collision bifurcations, we are able to provide a thourough analysis of the dynamics.

Keywords: Business cycles; Heterogeneous agents; Piecewise linear systems; Bifurcations (search for similar items in EconPapers)
JEL-codes: C61 E32 (search for similar items in EconPapers)
Date: 2025
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Working Paper: Dynamic investigations of an endogenous business cycle model with heterogeneous agents (2023)
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DOI: 10.1007/s10614-023-10492-2

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