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A Short Survey On Chaotic Dynamics In Solow-Type Growth Models

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  • Cesare PALMISANI

Abstract

In this paper we review some Solow-type growth models, framed is discrete time, which are able to generate complex dynamic behaviour. For these models � put forward by Day (1982, 1983); B�hm and Kaas (2000); and Commendatore (2005) � we show that crucial features which could determine the emergence of regular or irregular growth cycles are (i) if the average saving ratio is constant or not; and (ii) the curvature of production function, representing the degree of substitutability between labour and capital. The lower the degree of substitutability, the higher the likelihood of complex behaviour.

Suggested Citation

  • Cesare PALMISANI, 2008. "A Short Survey On Chaotic Dynamics In Solow-Type Growth Models," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 3(3(5)_Fall), pages 270-280.
    • Handle: RePEc:ush:jaessh:v:3:y:2008:i:3(5)_fall2008:p:270-280
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    References listed on IDEAS

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    1. Boldrin, Michele & Woodford, Michael, 1990. "Equilibrium models displaying endogenous fluctuations and chaos : A survey," Journal of Monetary Economics, Elsevier, vol. 25(2), pages 189-222, March.
    2. Bohm, Volker & Kaas, Leo, 2000. "Differential savings, factor shares, and endogenous growth cycles," Journal of Economic Dynamics and Control, Elsevier, vol. 24(5-7), pages 965-980, June.
    3. repec:bla:econom:v:40:y:1973:i:159:p:311-13 is not listed on IDEAS
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