Hopf cycles in one-sector optimal growth models with time delay
| buir.contributor.author | Özbay, Hitay | |
| dc.citation.epage | 1901 | en_US |
| dc.citation.issueNumber | 8 | en_US |
| dc.citation.spage | 1887 | en_US |
| dc.citation.volumeNumber | 21 | en_US |
| dc.contributor.author | Özbay, Hitay | en_US |
| dc.contributor.author | Saǧlam, Hüseyin Çağrı | en_US |
| dc.contributor.author | Yüksel, Mustafa Kerem | en_US |
| dc.date.accessioned | 2018-04-12T11:46:43Z | |
| dc.date.available | 2018-04-12T11:46:43Z | en_US |
| dc.date.issued | 2017 | en_US |
| dc.department | Department of Economics | en_US |
| dc.description.abstract | This paper analyzes the existence of Hopf bifurcation and establishes the conditions under which the equilibrium path converges toward periodic solutions in a one-sector optimal growth model with delay. We establish the limits and the possibilities of nonlinear dynamics (i.e., cycles) vis-à-vis delays. In particular, we formulate a new method to further comprehend the root distribution of the characteristic equation of a standard optimal growth model with delayed investment structure. We show that nonmonotonic dynamics (limit cycles, persistent oscillations) occurs when the delayed investment causes permanent adjustment failures among the economic variables in the economy. © Cambridge University Press 2016. | en_US |
| dc.identifier.doi | 10.1017/S1365100516000018 | en_US |
| dc.identifier.eissn | 1469-8056 | |
| dc.identifier.issn | 1365-1005 | |
| dc.identifier.uri | http://hdl.handle.net/11693/37648 | en_US |
| dc.language.iso | English | en_US |
| dc.publisher | Cambridge University Press | en_US |
| dc.relation.isversionof | http://dx.doi.org/10.1017/S1365100516000018 | en_US |
| dc.source.title | Macroeconomic Dynamics | en_US |
| dc.subject | Hopf bifurcation | en_US |
| dc.subject | Optimal growth models | en_US |
| dc.subject | Time delay | en_US |
| dc.title | Hopf cycles in one-sector optimal growth models with time delay | en_US |
| dc.type | Article | en_US |
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