Chapter

A Fresh Look at Traditional Cycle Models

Richard M. Goodwin

in Chaotic Economic Dynamics

Published in print November 1990 | ISBN: 9780198283355
Published online November 2003 | e-ISBN: 9780191596315 | DOI: http://dx.doi.org/10.1093/0198283350.003.0009
 A Fresh Look at Traditional Cycle Models

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Takes a new look, in the light of advances in chaotic dynamics, at the archetypal cycle models by Hansen–Samuelson and Lundberg–Metzler. The Metzler model, which produces simple harmonic motion, is expanded to allow for non‐linearities. By locating the model within the Rössler band, aperiodic cycles of approximately three years can result. Similarly, a single non‐linearity, as in Rössler, is added to the Hansen–Samuelson model.

Keywords: business cycles; chaotic dynamics; Hansen–Samuelson model; Lundberg–Metzler model; Rössler band

Chapter.  1141 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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