Neoclassical Growth Model with Multiple Distributed Delays

公開日:2017.11.30

発行日
2017年10月
概要
 This paper demonstrates that the delay has a dual effects of being destabilizer and stabilizer. For this purpose, we use a traditional neoclassical growth model augmented with two continuously distributed time delays, time-to-build delay and time-to-depreciate delay. Applying the Routh-Hurwitz stability criterion, we first construct a condition under which a stationary state loses stability and bifurcates to a cyclic oscillations. It is then numerically demonstrated that the delay has the dual effects: the main role of the delay is to destabilize an otherwise stable economy and it is found that the delay can also stabilize the economy, depending on the combination of two delays. The dual effect is specific to a two delay dynamic model.
キーワード

Continuously distributed time delay

Neoclassical growth model

Dual effect

Two delays

文献等

掲載誌名・書名:

IERCU Discussion Paper, No.286

公開者・出版社:

経済研究所

種類
紀要
言語
英語
権利情報
この資料の著作権は、資料の著作者または学校法人中央大学に帰属します。著作権法が定める私的利用・引用を超える使用を希望される場合には、掲載誌発行部局へお問い合わせください。

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