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Economic Cycles and Urban Growth with Land Value and Land Rent

Author

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  • Wei-Bin Zhang

    (College of International Management, Ritsumeikan Asia Pacific University)

Abstract

The purpose of this study is to examine the existence of business fluctuations in an urban growth model of endogenous wealth and land value with residential distribution over a linear city by Zhang (2017). Zhang synthesised the Solow growth model and the Alonso model. This paper generalises Zhang’s model by allowing all the timeindependent parameters to be time-dependent. It examines the relationship between growth, urban structure and land value with different time-dependent exogenous shocks. We simulate the model to demonstrate the existence of equilibrium points, motion of the dynamic system, and oscillations due to different exogenous shocks. The paper makes a unique contribution to the literature of spatial economic growth by identifying cycles in a spatial growth model built on microeconomic foundation.

Suggested Citation

  • Wei-Bin Zhang, 2019. "Economic Cycles and Urban Growth with Land Value and Land Rent," Malaysian Journal of Economic Studies, Faculty of Business and Economics, University of Malaya & Malaysian Economic Association, vol. 56(2), pages 267-277, December.
    • Handle: RePEc:mjr:journl:v:56:y:2019:i:2:p:267-277
    DOI: 10.22452/MJES.vol56no2.5
    as

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    More about this item

    Keywords

    Periodic shocks; business cycles; economic growth; national utility; land rent; land value; residential location;
    All these keywords.

    JEL classification:

    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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