scholarly journals Existence and implications of a pitchfork-Hopf bifurcation in a continuous-time two-sector growth model

2021 ◽  
Author(s):  
Giovanni Bella ◽  
Paolo Mattana ◽  
Beatrice Venturi
Keyword(s):  
Growth Model ◽  
Basin Of Attraction ◽  
Three Dimensional ◽  
Point Of View ◽  
Dimensional Manifold ◽  
Trapping Region ◽  
State Variable ◽  
Endogenous Cycles ◽  
Endogenous Growth Model ◽  
Monet Econ

AbstractThis paper shows that the dynamics of the Lucas (J Monet Econ, 22:3–42, 1988) endogenous growth model with flow externalities may give rise to a 2-torus, a compact three-dimensional manifold enclosed by a two-dimensional surface. The implications of this result are relevant for many fields of economic theory. It is first of all clear that if we choose to initialize the dynamics in the basin of attraction of this trapping region, a continuum of perfect foresight solutions may be observed. A simple econometric exercise, linking the physical-to-human capital ratio (state variable) to the 5-years forward variance of the growth rate of an unbalanced sample of 183 countries, seems to provide empirical backing for the phenomenon. Other important consequences, relevant from the point of view of endogenous cycles theory, are also scrutinized in the paper.

scholarly journals Time preference and cyclical endogenous growth in an AK growth model

2008 ◽  
Author(s):  
Orlando Gomes
Keyword(s):  
Endogenous Growth ◽  
Growth Model ◽  
Point Of View ◽  
Local Analysis ◽  
Global Dynamics ◽  
Representative Agent ◽  
Local And Global Dynamics ◽  
Endogenous Growth Model ◽  
Future Consumption ◽  
Future Utility

The paper develops an AK endogenous growth model with an endogenously determined rate of intertemporal preference. Following some of the related literature, we assume that the degree of impatience that is revealed by the representative agent, regarding future consumption, depends on income. To be precise, the proposed framework establishes a link between the output gap and the discount rate attached to the sequence of future utility functions. We analyze both local and global dynamics. From a local analysis point of view, a variety of stability results is possible to obtain, depending on parameter values. The study of global dynamics allows finding endogenous business cycles in the circumstance in which the representative agent overlooks one essential requirement for optimality. On a second stage, the model is extended to include the role of leisure and, in this case, endogenous fluctuations are compatible with full rationality.

ENDOGENOUS GROWTH MODEL WITH HUMAN CAPITAL ON THE CIRCLE

2020 ◽  
pp. 4-9
Author(s):  
А.В. Королев
Keyword(s):  
Human Capital ◽  
Spatial Structure ◽  
Endogenous Growth ◽  
Explicit Form ◽  
Growth Model ◽  
Main Attention ◽  
Endogenous Growth Model ◽  
Central Plan ◽  
Special Case

В статье рассматривается модель эндогенного роста с человеческим капи-талом на простой пространственной структуре (окружности). Особое вни-мание уделено специальному случаю - комбинации параметров, при кото-рой удаётся получить решение задачи центрального планировщика на окружности в явном виде, что другим авторам не удавалось. In this article the endogenous growth model with human capital on the simple spatial structure (the circle) is considered. We pay main attention to a special case of a combination of parameters for which we were able to solve the central plan-ner problem on the circle in an explicit form, which other authors did not suc-ceed to do.

ANTICIPATED FUTURE CONSUMPTION IN AN ENDOGENOUS GROWTH MODEL

2020 ◽  
pp. 1-37
Author(s):  
Manuel A. Gómez ◽  
Goncalo Monteiro
Keyword(s):  
Theoretical Analysis ◽  
Endogenous Growth ◽  
Growth Model ◽  
Reference Point ◽  
Time Varying ◽  
Standard Specification ◽  
Equilibrium Dynamics ◽  
Current Consumption ◽  
Endogenous Growth Model ◽  
Future Consumption

We devise an endogenous growth model in which agents’ utility depends not only on current consumption but also on the pleasure of anticipated future consumption. We consider the case in which agents derive satisfaction from their own anticipatory feelings—inward-looking or internal anticipation—and the case in which agents derive utility from anticipation of other people’s future consumption—outward-looking or external anticipation. We characterize the effects of introducing a forward-looking consumption reference on the dynamics of the economy. Whereas the inward-looking economy features transitional dynamics, the outward-looking economy does not. The distortions caused by the externality in the economy with external habits can be corrected by subsidizing income at a time-varying rate or by means of a tax on consumption at a decreasing rate. We contrast the equilibrium dynamics of our specification to the more standard specification of the habit formation consumption reference point. Numerical simulations supplement the theoretical analysis.

Comparison of the reluctance laminated and solid rotor synchronous machine operating at high temperatures

2019 ◽  
Vol 38 (4) ◽  
pp. 1111-1119 ◽  
Author(s):  
Marcin Lefik ◽  
Krzysztof Komeza ◽  
Ewa Napieralska-Juszczak ◽  
Daniel Roger ◽  
Piotr Andrzej Napieralski
Keyword(s):  
High Speed ◽  
Design Methodology ◽  
Three Dimensional ◽  
Synchronous Machine ◽  
Point Of View ◽  
Heat Sources ◽  
Model Calculations ◽  
Content Type ◽  
Thermal Phenomenon ◽  
Practical Implications

Purpose The purpose of this paper is to present a comparison between reluctance synchronous machine-enabling work at high internal temperature (HT° machine) with laminated and solid rotor. Design/methodology/approach To obtain heat sources for the thermal model, calculations of the electromagnetic field were made using the Opera 3D program including effect of rotation and the resulting eddy current losses. To analyse the thermal phenomenon, the 3D coupled thermal-fluid (CFD) model is used. Findings The presented results show clearly that laminated construction is much better from a point of view of efficiency and temperature. However, solid construction can be interesting for high speed machines due to their mechanical robustness. Research limitations/implications The main problem, despite the use of parallel calculations, is the long calculation time. Practical implications The obtained simulation and experimental results show the possibility of building a machine operating at a much higher ambient temperature than it was previously produced for example in the vicinity of the aircraft turbines. Originality/value The paper presents the application of fully three-dimensional coupled electromagnetic and thermal analysis of new machine constructions designed for elevated temperature.

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