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Dynamic Investigations of an Endogenous Business Cycle Model with Heterogeneous Agents

Author

Listed:
  • Spiros Bougheas

    (University of Nottingham)

  • Pasquale Commendatore

    (University of Naples, Federico II
    National Research Council - Institute for Studies on the Mediterannean (Ismed-CNR))

  • Laura Gardini

    (University of Urbino Carlo Bo)

  • Ingrid Kubin

    (Vienna University of Economics and Business)

Abstract

We introduce agents’ heterogeneity into a model of endogenous business cycles, in which agents can invest either in ‘good’ projects that contribute to future capital formation, or in ‘bad’ projects without that property. The resulting map involves three distinct regimes, two of which we linearize. Using theoretical results on piecewise linear systems and on border collision bifurcations, we are able to provide a thourough analysis of the dynamics.

Suggested Citation

  • Spiros Bougheas & Pasquale Commendatore & Laura Gardini & Ingrid Kubin, 2025. "Dynamic Investigations of an Endogenous Business Cycle Model with Heterogeneous Agents," Computational Economics, Springer;Society for Computational Economics, vol. 65(2), pages 665-689, February.
    • Handle: RePEc:kap:compec:v:65:y:2025:i:2:d:10.1007_s10614-023-10492-2
    DOI: 10.1007/s10614-023-10492-2
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    Keywords

    Business cycles; Heterogeneous agents; Piecewise linear systems; Bifurcations;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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