A General Dynamic Equilibrium Model and Business Cycles
Wei-Bin Zhang ()
RAIS Journal for Social Sciences, 2018, vol. 2, issue 2, 15
This study generalizes the economic growth model of heterogeneous households proposed by Zhang (2017). Zhangâ€™s model is built on Ricardian theory of distribution, Walrasian general equilibrium theory, and neoclassical growth theory. The heterogeneous-household economy is composed of a consumer goods sector, an agricultural goods sector, and one capital goods sector. Technology, land, population and human capital are exogenous. This paper generalizes Zhangâ€™s model by allowing constant coefficients to be time-dependent. We show the existence of business cycles due to different exogenous oscillatory changes
Keywords: business cycle; periodic shocks; general equilibrium theory; neoclassical growth theory; integrated theory (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:smo:jornl1:v:2:y:2018:i:2:p:11-24
Access Statistics for this article
More articles in RAIS Journal for Social Sciences from Research Association for Interdisciplinary Studies
Bibliographic data for series maintained by Eduard Burcea ().