Hodrick-Prescott, Goodwin and Business Cycles in Bolivia
DOI:
https://doi.org/10.35319/lajed.201116144Keywords:
Bussines Cycles, Equilibrium, Stability, Short-run, Long run, accelerator, nonlinearity, instability, chaosAbstract
Bussiness cycles do not show identical behavior in the short and the long term, evidencing that there is no equilibrium. The main cause of instability is the incidence of exogenous forces on the domestic economy. A possible increase of these exogenous forces causes more instability in the cycles of the product.
The interaction between the accelerator an the marginal propensity to save, and the time devoted to the production of new capital goods and consumption, can minimize the effect of exogenous forces. The interaction mentioned above can be approximated as the investment environment; the higher this is, the greater the possibility of reducing external shocks.
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