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Abstract
We consider the role of the time delay parameter in basic models of economic growth. We study the Solow model with a time lag. We also consider the dynamical optimization in the Solow model. We demonstrate that, both for Solow's model and Cass' model with a delay, there appear cyclic fluctuations whose parameters we have calculated. These fluctuations have a consbant period and appear through the mechanism of the single Hopf bifurcation.
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References
Bibliographical reference
Marek Szydlowski and Adam Krawiec, « Growth in Economic Systems with Delay », CASYS, 15 | 2004, 81-96.
Electronic reference
Marek Szydlowski and Adam Krawiec, « Growth in Economic Systems with Delay », CASYS [Online], 15 | 2004, Online since 17 July 2024, connection on 27 December 2024. URL : http://popups.uliege.be/3041-539x/index.php?id=1942
Authors
Marek Szydlowski
Complex Systems Research Centre, Jagielonian University, Reymonta 4, 30-059 Kraków, Poland
Adam Krawiec
Institute of Public Affairs, Jagielonian University, Rynek Glówny 8, 31-004 Kraków, Poland