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ON THE UNIQUENESS OF LIMIT CYCLES IN BUSINESS CYCLE THEORY
Author(s) -
Lorenz HansWalter
Publication year - 1986
Publication title -
metroeconomica
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.256
H-Index - 29
eISSN - 1467-999X
pISSN - 0026-1386
DOI - 10.1111/j.1467-999x.1986.tb00435.x
Subject(s) - uniqueness , business cycle , limit (mathematics) , mathematical economics , economics , limit cycle , multiplier (economics) , mathematics , keynesian economics , mathematical analysis
. The paper investigates sufficient conditions for the uniqueness of limit cycles in standard business cycle theory. The application of the Levinson/Smith theorem to the generalized Liénard equation reveals that these sufficient yet not necessary conditions usually imply that the uniqueness of limit cycles in, e.g., the Kaldor‐model or the Phillips‐multiplier‐acceteralor model cannot be established without additional restrictive assumptions.