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Business Cycles, Bifurcations and Chaos in a Neo-Classical Model with Investment Dynamics

[journal article]

dc.contributor.authorHallegatte, Stéphanede
dc.contributor.authorGhil, Michaelde
dc.contributor.authorDumas, Patricede
dc.contributor.authorHourcade, Jean-Charlesde
dc.date.accessioned2011-06-08T02:42:00Zde
dc.date.accessioned2012-08-30T06:50:17Z
dc.date.available2012-08-30T06:50:17Z
dc.date.issued2008de
dc.identifier.urihttp://www.ssoar.info/ssoar/handle/document/25387
dc.description.abstractThis paper presents a non-equilibrium dynamic model (NEDyM) that introduces investment dynamics and non-equilibrium effects into a Solow growth model. NEDyM can reproduce several typical economic regimes and, for certain ranges of parameter values, exhibits endogenous business cycles with realistic characteristics. The cycles arise from the investment-profit instability and are constrained by the increase in labor costs and the inertia of production capacity. For other parameter ranges, the model exhibits chaotic behavior. These results show that complex variability in the economic system may be due to deterministic, intrinsic factors, even if the long-term equilibrium is neo-classical in nature.en
dc.languageende
dc.subject.ddcWirtschaftde
dc.subject.ddcSozialwissenschaften, Soziologiede
dc.subject.ddcSocial sciences, sociology, anthropologyen
dc.subject.ddcEconomicsen
dc.subject.otherMacroeconomic dynamics; Non-equilibrium modeling; Business cycles; Investment flexibility
dc.titleBusiness Cycles, Bifurcations and Chaos in a Neo-Classical Model with Investment Dynamicsen
dc.description.reviewbegutachtet (peer reviewed)de
dc.description.reviewpeer revieweden
dc.source.journalJournal of Economic Behavior & Organizationde
dc.source.volume67de
dc.publisher.countryNLD
dc.source.issue1de
dc.subject.classozBasic Research, General Concepts and History of Economicsen
dc.subject.classozEconomic Statistics, Econometrics, Business Informaticsen
dc.subject.classozErhebungstechniken und Analysetechniken der Sozialwissenschaftende
dc.subject.classozWirtschaftsstatistik, Ökonometrie, Wirtschaftsinformatikde
dc.subject.classozMethods and Techniques of Data Collection and Data Analysis, Statistical Methods, Computer Methodsen
dc.subject.classozAllgemeines, spezielle Theorien und Schulen, Methoden, Entwicklung und Geschichte der Wirtschaftswissenschaftende
dc.identifier.urnurn:nbn:de:0168-ssoar-253879de
dc.date.modified2011-06-09T16:52:00Zde
dc.rights.licencePEER Licence Agreement (applicable only to documents from PEER project)de
dc.rights.licencePEER Licence Agreement (applicable only to documents from PEER project)en
ssoar.gesis.collectionSOLIS;ADISde
ssoar.contributor.institutionhttp://www.peerproject.eu/de
internal.status3de
dc.type.stockarticlede
dc.type.documentjournal articleen
dc.type.documentZeitschriftenartikelde
dc.rights.copyrightfde
dc.source.pageinfo57-77
internal.identifier.classoz10905
internal.identifier.classoz10105
internal.identifier.classoz10901
internal.identifier.journal196de
internal.identifier.document32
internal.identifier.ddc300
internal.identifier.ddc330
dc.identifier.doihttps://doi.org/10.1016/j.jebo.2007.05.001de
dc.description.pubstatusPostprinten
dc.description.pubstatusPostprintde
internal.identifier.licence7
internal.identifier.pubstatus2
internal.identifier.review1
internal.check.abstractlanguageharmonizerCERTAIN
internal.check.languageharmonizerCERTAIN_RETAINED


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