A note on Kaleckian lags in the Solow model
Year: 2004
Type: article
Abstract: Building on a contribution by Paul Zak, we consider the modified Solow model with a time lag introduced in the Kaleckian spirit. This model produces endogenous cycles that can be interpreted as economic fluctuations. For reasonable parameter values it can generate empirically relevant cyclic variations in output. We prove the existence of a Hopf bifurcation and a limit cycle solution in the model. We find that there is only one solution with a period longer than the production lag. Additionally we calculate the period of this cycle.
Source: Review of Political Economy
Authors: Marek Szydłowski, Adam Krawiec
Institutions: Jagiellonian University, Institute of Public Affairs
Language: English
Topic: Economic Theory and Policy
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W1982970077