Growing through chaotic intervals

• 成果类型: Article
• 署名作者: Gardini, Laura; Sushko, Iryna; Naimzada, Ahmad K.
• 署名单位: University of Urbino; National Academy of Sciences Ukraine; Institute of Mathematics of NASU; University of Milano-Bicocca
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2008.03.005
• 发表日期: 2008
• 页码: 541-557
• 关键词: cycles; Chaotic intervals; Border-collision bifurcation; GROWTH; INNOVATION

摘要

We consider a growth model proposed by Matsuyama [K. Matsuyama, Growing through cycles, Econometrica 67 (2) (1999) 335-347] in which two sources of economic growth are present: the mechanism of capital accumulation (Solow regime) and the process of technical change and innovations (Romer regime). We will shown that no stable cycle can exist, except for a fixed point and a cycle of period two. The Necessary and Sufficient conditions for regular or chaotic regimes are formulated. The bifurcation structure of the two-dimensional parameter plane is completely explained. It is shown how the border-collision bifurcation leads from the stable fixed point to pure chaotic regime (which consists either in 4-cyclical chaotic intervals, 2-cyclical chaotic intervals or in one chaotic interval). (C) 2008 Published by Elsevier Inc.