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Distributive cycles and endogenous technical change in a BoPC growth model |
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| Institution: | 1. Department of Economics, Society, Politics, University of Urbino, via A. Saffi 42, Urbino 61029, Italy;2. Institute of Mathematics, NASU, 3 Tereshchenkivska st., Kyiv 01601, Ukraine;3. Kyiv School of Economics, 92–94 Dmytrievska st., Kyiv 01135, Ukraine;1. Department of Economic Sciences, Indian Institute of Technology, Kanpur, India;2. Department of Economics, Barnard College, Columbia University and the Santa Fe Institute, United States |
| Abstract: | Our purpose in this paper is to expand Goodwin's (1967) distributive cycle model to an open economy framework in a way that incorporates the balance-of-payments constraint on growth. We do so by allowing technical change to be endogenous to the cyclical dynamics of the system and by adopting an independent investment function. We show that a Hopf-Bifurcation analysis establishes the possibility of persistent and bounded cyclical paths both for a 3D and a 4D extension of the model. Some numerical simulations are performed based on the analytical models developed. Motivational empirical evidence is also provided for Thirlwall's law using a sample of 16 OECD countries. |
| Keywords: | Growth cycle Goodwin Thirlwall's law Learning-by-doing Distributive cycles Hopf bifurcation E12 E32 O40 |
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