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Published in:
1994 | OriginalPaper | Chapter
Quasi-Periodic and Strange, Chaotic Attractors in Hick’s Nonlinear Trade Cycle Model
Author : Cars H. Hommes
Published in: Predictability and Nonlinear Modelling in Natural Sciences and Economics
Publisher: Springer Netherlands
Included in: Professional Book Archive
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Hicks’ nonlinear trade cycle model is an unstable multiplier-accelerator model together with an ’income-ceiling’ and an ’investment-floor’. We show that the simplest, 2-D version of the model can have a quasi-periodic attractor. When consumption and/or investment is distributed over several time periods higher dimensional versions of the model are obtained. We present numerical evidence that the 3-D Hicks-model can have strange, chaotic attractors.