This article aims at analysing a two-sector economic growth model with discrete delays. The focus is on the dynamic properties of the emerging system. In particular, this study concentrates on the stability properties of the stationary solution, characterised by analytical results and geometrical techniques (stability crossing curves), and the conditions under which oscillatory dynamics emerge (through Hopf bifurcations). In addition, this article proposes some numerical simulations to illustrate the behaviour of the system when the stationary equilibrium is unstable.
A model of economic growth with physical and human capital: The role of time delays / Gori, Luca; Guerrini, Luca; Sodini, Mauro. - In: CHAOS. - ISSN 1054-1500. - 26:9(2016), pp. 1-11. [10.1063/1.4963372]
A model of economic growth with physical and human capital: The role of time delays
Sodini, Mauro
2016
Abstract
This article aims at analysing a two-sector economic growth model with discrete delays. The focus is on the dynamic properties of the emerging system. In particular, this study concentrates on the stability properties of the stationary solution, characterised by analytical results and geometrical techniques (stability crossing curves), and the conditions under which oscillatory dynamics emerge (through Hopf bifurcations). In addition, this article proposes some numerical simulations to illustrate the behaviour of the system when the stationary equilibrium is unstable.| File | Dimensione | Formato | |
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Gori, Guerrini and Sodini 2016 Chaos.pdf
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