期刊名称：Zagreb International Review of Economics and Business
印刷版ISSN：1331-5609
出版年度：2008
卷号：11
期号：1
页码：37-59
出版社：Ekonomski fakultet Sveučilišta u Zagrebu
摘要：Optimal growth models aim at explaining long run trends of growth under the strong assumption of full efficiency in the allocation of resources. As a result, the steady state time paths of the main economic aggregates reflect constant, exogenous or endogenous, growth. To introduce business cycles in this optimality structure one has to consider some source of inefficiency. By assuming that firms adopt a simple non optimal rule to predict future demand, we let investment decisions to depart from the ones that would guarantee the total efficiency outcome. The new investment hypothesis is considered under three growth setups (the simple one equation Solow model of capital accumulation, the Ramsey model with consumption utility maximization, and a two sector endogenous growth scenario); for each one of the models, we find that endogenous business cycles of various orders (regular and irregular) are observable.
关键词：endogenous business cycles; nonlinear dynamics; growth models; bifurcation analysis
