The purpose of this paper is to study the influence of workers' savings on the dynamics of Goodwin's growth cycles. This is done by noticing, along Kaldorian-Pasinettian lines, that if workers save, then they hold part of the capital and earn some profits, which vary over the cycle. Thus, a correct specification of such a case requires the consideration of an extra variable - the share of capital held by workers. It is shown that, without having to impose any special condition on the values of the parameters, a Hopf-Bifurcation analysis establishes the possibility of persistent and bounded cyclical paths for the resulting 3-dimensional dynamical system. The paper concludes with an investigation of the possibility of further bifurcations as a route to more complex behaviour.

Sordi, S. (1999). Persistent and irregular growth cycles when workers save: a reformulation of Goodwin's model along Kaldorian-Pasinettian lines. QUADERNI DEL DIPARTIMENTO DI ECONOMIA POLITICA, 263, 1-31.

Persistent and irregular growth cycles when workers save: a reformulation of Goodwin's model along Kaldorian-Pasinettian lines

SORDI, SERENA
1999-01-01

Abstract

The purpose of this paper is to study the influence of workers' savings on the dynamics of Goodwin's growth cycles. This is done by noticing, along Kaldorian-Pasinettian lines, that if workers save, then they hold part of the capital and earn some profits, which vary over the cycle. Thus, a correct specification of such a case requires the consideration of an extra variable - the share of capital held by workers. It is shown that, without having to impose any special condition on the values of the parameters, a Hopf-Bifurcation analysis establishes the possibility of persistent and bounded cyclical paths for the resulting 3-dimensional dynamical system. The paper concludes with an investigation of the possibility of further bifurcations as a route to more complex behaviour.
1999
Sordi, S. (1999). Persistent and irregular growth cycles when workers save: a reformulation of Goodwin's model along Kaldorian-Pasinettian lines. QUADERNI DEL DIPARTIMENTO DI ECONOMIA POLITICA, 263, 1-31.
File in questo prodotto:
File Dimensione Formato  
118170_UPLOAD.pdf

non disponibili

Tipologia: Altro materiale allegato
Licenza: NON PUBBLICO - Accesso privato/ristretto
Dimensione 1.3 MB
Formato Adobe PDF
1.3 MB Adobe PDF   Visualizza/Apri   Richiedi una copia

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11365/27289
 Attenzione

Attenzione! I dati visualizzati non sono stati sottoposti a validazione da parte dell'ateneo