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Theories of the Trade Cycle

In: Business Cycles

Author

Listed:
  • Kumaraswamy Velupillai

    (University Of Copenhagen)

Abstract

[V]an der Pol believes that even periodic business cycles show a certain analogy to the relaxation oscillation of a physical system. The essential condition for such oscillations is negative damping for small deviations and a rather rapidly increasing positive damping for large deviations from the equilibrium position. The psychological response of certain groups of people to changing business conditions shows doubtless some analogy to the behaviour of mechanical systems capable of relaxation oscillations (von Karman, 1940, p. 624).

Suggested Citation

  • Kumaraswamy Velupillai, 1991. "Theories of the Trade Cycle," International Economic Association Series, in: Niels Thygesen & Kumaraswamy Velupillai & Stefano Zambelli (ed.), Business Cycles, chapter 1, pages 3-38, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-11570-9_1
    DOI: 10.1007/978-1-349-11570-9_1
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    Citations

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    Cited by:

    1. Velupillai, K. Vela, 1998. "The vintage economist," Journal of Economic Behavior & Organization, Elsevier, vol. 37(1), pages 1-31, September.
    2. Sasakura, Kazuyuki, 1996. "The business cycle model with a unique stable limit cycle," Journal of Economic Dynamics and Control, Elsevier, vol. 20(9-10), pages 1763-1773.

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