EconPapers    
Economics at your fingertips  
 

Economic models and the relevance of “chaotic regions”:An application to Goodwin's growth cycle model

Serena Sordi ()

Annals of Operations Research, 1999, vol. 89, issue 0, 3-19

Abstract: In this paper, we argue that Pohjola's one‐dimensional, discrete‐time version of Goodwin'sgrowth cycle model is based on assumptions that conflict with the “symbiotic‐conflictual”spirit of the model. It is shown that when the assumption about the dynamical real wage ismodified, in contrast with Pohjola's opinion, the likelihood of chaotic solutions does notincrease. In particular, when a discrete‐time Phillips curve is considered, the model becomestwo‐dimensional, but admits chaotic solutions only for parameter values which are not withineconomically reasonable values. Copyright Kluwer Academic Publishers 1999

Date: 1999
References: Add references at CitEc
Citations: View citations in EconPapers (4) Track citations by RSS feed

Downloads: (external link)
http://hdl.handle.net/10.1023/A:1018987909832 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:annopr:v:89:y:1999:i:0:p:3-19:10.1023/a:1018987909832

Ordering information: This journal article can be ordered from
http://www.springer.com/journal/10479

DOI: 10.1023/A:1018987909832

Access Statistics for this article

Annals of Operations Research is currently edited by Endre Boros

More articles in Annals of Operations Research from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().

 
Page updated 2021-12-21
Handle: RePEc:spr:annopr:v:89:y:1999:i:0:p:3-19:10.1023/a:1018987909832