Harrodian Dynamics Under Imperfect Competition: A Growth-Cycle Model

Hiroyuki Yoshida
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Hiroyuki Yoshida: Nihon University

Chapter 2. in Time and Space in Economics, 2007, pp 29-40 from Springer

Abstract: Summary This chapter considers Harrod’s knife-edge instability, which implies severe and extreme business cycles restricted by a full employment ceiling and a zero-gross-investment floor. We construct a dynamic model with imperfect competition in the output market by using the subjective-demand curve approach. In addition, we consider technical choice by taking account of the putty-clay technology. The chapter shows the occurrence of endogenous and moderate fluctuations through the Hopf bifurcation.

Keywords: Harrod’s knife-edge; Growth cycle; Imperfect competition; Putty-clay technology; Hopf bifurcation (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-4-431-45978-1_2

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DOI: 10.1007/978-4-431-45978-1_2

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