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Chaotic Economic Dynamics$
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Richard M. Goodwin

Print publication date: 1990

Print ISBN-13: 9780198283355

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198283350.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 October 2021

A Fresh Look at Traditional Cycle Models

A Fresh Look at Traditional Cycle Models

(p.111) 9 A Fresh Look at Traditional Cycle Models
Chaotic Economic Dynamics

Richard M. Goodwin

Oxford University Press

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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