Morishima's Nonlinear Model of the Cycle: Simplifications and Generalizations

K. Vela Velupillai
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K. Vela Velupillai: Department of Economics, National University of Ireland, Galway

No 95, Working Papers from National University of Ireland Galway, Department of Economics

Abstract: Michio Morishima's nonlinear model of the trade cycle (Morishima, 1958) is simplified and generalized to show, by means of the Andronov-Hopf bifurcation theorem, the existence of a periodic orbit. In addition, an attempt is made to place Morishima's contribution in the broader tradition of the work of the Japanese School of Nonlinear Trade Cycle Theorists and to place this, in turn, within the context and development of the tradition of mathematical economics in early post-war Japan.

Keywords: Business Cycles; Nonlinear Dynamics; Endogenous Cycles; Bifurcation Theory (search for similar items in EconPapers)
JEL-codes: B31 C61 E32 (search for similar items in EconPapers)
Date: 2005, Revised 2005
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