Business Cycle Dynamics: Models and Tools

✍ Scribed by Tönu Puu (auth.), Professor Dr. Tönu Puu, Dr. Iryna Sushko (eds.)

Publisher: Springer-Verlag Berlin Heidelberg
Year: 2006
Tongue: English
Leaves: 341
Edition: 1
Category: Library

No coin nor oath required. For personal study only.

✦ Synopsis

Business cycle theory has been one of the fastest growing fields in modern nonlinear economic dynamics. The book is centered around models of multiplier-accelerator type, emerging from Samuelson's seminal work, later developed into nonlinear formats by Hicks and Goodwin. These models left open ends, as the tools then available did not permit more systematic analysis. The present situation is different, due to the emergence of new methods also focusing global analysis. The focus on classical, causal or recursive models implies a deviation from current main stream business cycle theory, based on "rational expectations", which in view of the possibility of mathematical chaos becomes untenable. This book is a rejoinder to Puu and Sushko, Oligopoly Dynamics - Models and Tools, (Springer 2002).

✦ Table of Contents

Aims and Scope....Pages 1-6
Some Methods for the Global Analysis of Closed Invariant Curves in Two-Dimensional Maps....Pages 7-47
Center Bifurcation for a Two-Dimensional Piecewise Linear Map....Pages 49-78
Short History of the Multiplier-Accelerator Model....Pages 79-112
Multiplier-Accelerator Models with Random Perturbations....Pages 113-142
Non-Autonomous Business Cycle Model....Pages 143-178
The Hicksian Model with Investment Floor and Income Ceiling....Pages 179-191
Growth Cycles in a Modified Hicksian Business Cycle Model....Pages 193-222
Coexistence of Attractors and Homoclinic Loops in a Kaldor-Like Business Cycle Model....Pages 223-254
Expectations and the Multiplier-Accelerator Model....Pages 255-276
‘Floors’ and/or ‘Ceilings’ and the Persistence of Business Cycles....Pages 277-298
A Goodwin-Type Model with Cubic Investment Function....Pages 299-316
A Goodwin-Type Model with a Piecewise Linear Investment Function....Pages 317-333

✦ Subjects

Macroeconomics/Monetary Economics; Game Theory/Mathematical Methods

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