Relaxation oscillations properties in Goodwin's business cycle model Online publication date: Tue, 31-Dec-2013
by Anna Antonova; Svyatoslav Reznik; Michail Todorov
International Journal of Computational Economics and Econometrics (IJCEE), Vol. 3, No. 3/4, 2013
Abstract: We consider Goodwin's time delay model of the business cycle described by neutral delay differential equation with fixed investment time lag. We investigate the properties of relaxation (sawtooth) oscillations, detected experimentally by Strotz et al. (1953). We show that the shape of relaxation fluctuations (amplitude, average value of income over the period of oscillation, time of income rise and fall) depends on the initial function. We also present an analytical sawtooth solution of the delay equation obtained by the method of steps. Finally, we show the existence of irregular dynamics of income.
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