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Relaxation oscillations properties in Goodwin's business cycle model

Relaxation oscillations properties in Goodwin's business cycle model We consider Goodwin's time delay model of the business cycle described by neutral delay differential equation with fixed investment time lag. We investigate the properties of relaxation (sawtooth) oscillations, detected experimentally by Strotz et al. (1953). We show that the shape of relaxation fluctuations (amplitude, average value of income over the period of oscillation, time of income rise and fall) depends on the initial function. We also present an analytical sawtooth solution of the delay equation obtained by the method of steps. Finally, we show the existence of irregular dynamics of income. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Computational Economics and Econometrics Inderscience Publishers

Relaxation oscillations properties in Goodwin's business cycle model

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Publisher
Inderscience Publishers
Copyright
Copyright © Inderscience Enterprises Ltd. All rights reserved
ISSN
1757-1170
eISSN
1757-1189
DOI
10.1504/IJCEE.2013.058495
Publisher site
See Article on Publisher Site

Abstract

We consider Goodwin's time delay model of the business cycle described by neutral delay differential equation with fixed investment time lag. We investigate the properties of relaxation (sawtooth) oscillations, detected experimentally by Strotz et al. (1953). We show that the shape of relaxation fluctuations (amplitude, average value of income over the period of oscillation, time of income rise and fall) depends on the initial function. We also present an analytical sawtooth solution of the delay equation obtained by the method of steps. Finally, we show the existence of irregular dynamics of income.

Journal

International Journal of Computational Economics and EconometricsInderscience Publishers

Published: Jan 1, 2013

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