A Fresh Look at Traditional Cycle Models
A Fresh Look at Traditional Cycle Models
Takes a new look, in the light of advances in chaotic dynamics, at the archetypal cycle models by Hansen–Samuelson and Lundberg–Metzler. The Metzler model, which produces simple harmonic motion, is expanded to allow for non‐linearities. By locating the model within the Rössler band, aperiodic cycles of approximately three years can result. Similarly, a single non‐linearity, as in Rössler, is added to the Hansen–Samuelson model.
Keywords: business cycles, chaotic dynamics, Hansen–Samuelson model, Lundberg–Metzler model, Rössler band
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