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A note on Kaleckian lags in the Solow model

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  • Marek Szydłowski
  • Adam Krawiec

Abstract

Building on a contribution by Paul Zak, we consider the modified Solow model with a time lag introduced in the Kaleckian spirit. This model produces endogenous cycles that can be interpreted as economic fluctuations. For reasonable parameter values it can generate empirically relevant cyclic variations in output. We prove the existence of a Hopf bifurcation and a limit cycle solution in the model. We find that there is only one solution with a period longer than the production lag. Additionally we calculate the period of this cycle.

Suggested Citation

  • Marek Szydłowski & Adam Krawiec, 2004. "A note on Kaleckian lags in the Solow model," Review of Political Economy, Taylor & Francis Journals, vol. 16(4), pages 501-506.
    • Handle: RePEc:taf:revpoe:v:16:y:2004:i:4:p:501-506
    DOI: 10.1080/0953825042000256711
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    Cited by:

    1. Yüksel, Mustafa Kerem, 2011. "Capital dependent population growth induces cycles," Chaos, Solitons & Fractals, Elsevier, vol. 44(9), pages 759-763.
    2. Matsumoto, Akio & Szidarovszky, Ferenc, 2023. "Delay Solow Model with a Normalized CES Production Function," Journal of Economic Behavior & Organization, Elsevier, vol. 213(C), pages 305-323.
    3. I. Stamova & A. Stamov, 2013. "On the stability of the solutions of an impulsive Solow model with endogenous population," Economic Change and Restructuring, Springer, vol. 46(2), pages 203-217, May.
    4. Franke, Reiner, 2018. "Reviving Kalecki’s business cycle model in a growth context," Journal of Economic Dynamics and Control, Elsevier, vol. 91(C), pages 157-171.

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