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5/2008

DEPFID Working Paper 5/2008 - Abstract

A disequilibrium
growth cycle model with differential savings

Serena Sordi

This paper extends Goodwin’s growth cycle model byassuming both differential savings propensities and disequilibrium inthe goods market. It is shown that both modifications entail an increasein the dimensionality of the dynamical system of the model. By applying
the existence part of the Hopf bifurcation theorem, the possibility ofpersistent and bounded cyclical paths for the resulting 4-dimensionaldynamical system is then established. With the help of numericalsimulation some evidence is finally given that the limit cycle emergingfrom the Hopf bifurcation is stable.

Keywords: growth cycle, differential savings, limit cycle,disequilibrium models

JEL Classification: C61; E10; E32

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