Periodic, almost periodic and chaotic behaviour in Hicks' non-linear trade cycle model
| Authors | |
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| Publication date | 1993 |
| Journal | Economics Letters |
| Volume | Issue number | 41 | 4 |
| Pages (from-to) | 391-397 |
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| Abstract | Hicks' non-linear trade cycle model is an unstable multiplier-accelerator model together with an ‘income ceiling’ and an ‘investment floor’. We show that in the simplest, two-dimensional version of the model the income time paths are always regular: either periodic or almost periodic (quasi-periodic) behaviour occurs. When consumption and/or investment is distributed over several time periods, higher dimensional versions of the model are obtained. We show that in the three-dimensional Hicks model irregular, chaotic income time paths may occur. |
| Document type | Article |
| Language | English |
| Published at | https://doi.org/10.1016/0165-1765(93)90211-T |
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