Economic Cycles and Urban Growth with Land Value and Land Rent

Wei-Bin Zhang

Malaysian Journal of Economic Studies, 2019, vol. 56, issue 2, 267-277

Abstract: The purpose of this study is to examine the existence of business fluctuations in an urban growth model of endogenous wealth and land value with residential distribution over a linear city by Zhang (2017). Zhang synthesised the Solow growth model and the Alonso model. This paper generalises Zhang’s model by allowing all the timeindependent parameters to be time-dependent. It examines the relationship between growth, urban structure and land value with different time-dependent exogenous shocks. We simulate the model to demonstrate the existence of equilibrium points, motion of the dynamic system, and oscillations due to different exogenous shocks. The paper makes a unique contribution to the literature of spatial economic growth by identifying cycles in a spatial growth model built on microeconomic foundation.

Keywords: Periodic shocks; business cycles; economic growth; national utility; land rent; land value; residential location (search for similar items in EconPapers)
JEL-codes: E21 O18 O41 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:mjr:journl:v:56:y:2019:i:2:p:267-277

DOI: 10.22452/MJES.vol56no2.5

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