We consider a one-sector Ramsey-type growth model with inelastic labor and learning-by-doing externalities based on cumulative gross investment (cumulative production of capital goods), which is assumed, in accordance with Arrow (1962), to be a better index of experience than the average capital...

This paper extends the growth cycle model à la Goodwin (1967) by introducing the risk-averse behaviour af the agents.

We analyse the implications of unions (efficient bargaining) for multiplicity of stationary states and welfare, local indeterminacy, bifurcations and endogenous fluctuations (deterministic and stochastic). We use an overlapping generations model with external increasing returns to scale, where...

The existing literature on the stabilizing properties of interest-rate feedback rules has stressed the perils of linking interest rates to forecasts of future inflation. Such rules have been found to give rise to aggregate fluctuations due to self-fulfilling expectations. In response to this...

The Gibson paradox,long observed by economists and named by John Maynard Keynes (1936),is a positive relationship between the interest rate and the price level. This paper explains the relationship by means of interest-rate, cost-push inflation.In the mode,spending is driven in part by changes...

This paper argues that observed long lags in innovation implementation rationalize Schumpeter's statement that “wave-like fluctuations in business ... are the form economic development takes in the era of capitalism.” Adding implementation delays to an otherwise standard endogenous growth...

This paper discusses the emergence of endogenous redistributive cycles in a stochastic growth model with incomplete asset markets and heterogeneous agents, where agents vote on the degree of progressivity in the tax-transfer-scheme. The model draws from Bénabou (1996) and ties the bias in the...

A two dimensional two-delays differential system modeling the dynamics of stem-like cells and white-blood cells in Chronic Myelogenous Leukemia under treatment is considered. Stability of equilibria is investigated and emergence of periodic solutions of limit cycle type, as a result of a Hopf...

The Marshallian Macroeconomic Model (MMM) developed by Veloce and Zellner (1985} provides a novel way to study sectoral dynamics of an economy in the presence of a dynamic entry/exit equation. Later extended by Zellner and Israilevich (2005} to include interactions between households, production...

The main objectives of this research are to analyze the trends of expectations condition within Malaysian economic system and investigate the existence of Hopf bifurcation in the economic dynamical system's policy in order to examine the existence of periodic solutions. The study uses two types...