As clearly testified by the most recent literature, a rich array of outcomes, other than saddle-path trajectories, can easily emerge in endogenous growth models, particularly when an externality parameter is introduced. By applying bifurcation theory to a reduced form of Lucas’s celebrated model on the mechanics of endogenous growth (1988) we produce evidence of the existence of closed orbits Hopf bifurcating from a saddle-focus for special regions of the parameter space. The stability of these cycles on the center manifold is also investigated.

Existence and Stability of Periodic Solutions in the Dynamics of Endogenous Growth

MATTANA, PAOLO;VENTURI, BEATRICE
1999-01-01

Abstract

As clearly testified by the most recent literature, a rich array of outcomes, other than saddle-path trajectories, can easily emerge in endogenous growth models, particularly when an externality parameter is introduced. By applying bifurcation theory to a reduced form of Lucas’s celebrated model on the mechanics of endogenous growth (1988) we produce evidence of the existence of closed orbits Hopf bifurcating from a saddle-focus for special regions of the parameter space. The stability of these cycles on the center manifold is also investigated.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11584/100410
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