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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 Econometrics – Inderscience Publishers
Published: Jan 1, 2013