By Prof. Dr. Günter Gabisch, Dr. Hans-Walter Lorenz (auth.)
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Ll With this assumption being implicitly made in the multiplier-accelerator models above, installation costs and break-up costs are neglected. As soon as a maximal depreciation (due to technical or calculatory reasons) is introduced in such a cycle model, it may be that the value of net investment according to the investment function is absolutely larger than this maximal depreciation. 1). Hicks (1950) modified the uniform multiplier-accelerator analysis in the spirit of the above remark. 12 The Hicks-model therefore turns into a growth cycle model.
Wharton School Index This index was developed by Klein (1964) and its main advantage consists in its simplicity. Briefly stated, the last two cyclical peaks of a relevant economic time series are linearily connected (cf. Fig. 11). For expository purposes, consider GNP as the relevant economic variable in Fig. 11 27, in which the current point in time is indicated by r and in which the last two peaks are denoted by P1 and P2 • Hence the line passing through these two points is interpreted as the capacity line.
A , - b)-locus in the plane, and 0 as the angle between the distance line and the a-axis (cf. Fig. 2). ~ can be written 7 8 Dernburg/Dernburg (1969), p. 144£. DeMoivre's theorem states that (r( cos 0 + i sin 0)) n = rn (cos nO + i sin nO). g. Goldberg (1958), p. 139. Chapter 3 42 b (a,b) O ~~---------L--------------~----~a (a, - b) The Modulus of Complex Roots Fig. 17) and (ml - m2)i are constants which depend on the initial values, Ut = mod t(nJ cos Ot + n2 sin Ot). 18) The term in brackets represents a trigonometric wave movement with a frequency of one complete cycle per interval of length 360 0 /0.