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Finance and Credit
 

A feedback model and its use to describe the dynamics of economic development

Vol. 20, Iss. 31, AUGUST 2014

Available online: 13 August 2014

Subject Heading: ECONOMIC CYCLES

JEL Classification: 

Pages: 2-8

Chaldaeva L.A. Financial University under Government of Russian Federation, Moscow, Russian Federation
chaldaeva45@mail.ru

Kilyachkov A.A. Department of Audit Services, EY Company, Moscow, Russian Federation
AAKil@mail.ru

The article proposes a model describing the growth of economic development. The feature of the model is the existence of feedback (growth rates of economic development in the next year are a function of the growth rates in the previous year). This model allows to qualitatively describe all known economic development cycles (Kitchin and Juglar cycles, Kuznets swing and Kondratiev waves). The model validation on real economic data confirmed its principled applicability.

Keywords: Kitchin cycle, Juglar cycle, Kuznets swing, Kondratiev waves, dynamics, rates, relative annual growth, gross domestic product, fixed point, equilibrium point, limit cycle, Lamerey chart, feedback function, approximating polynomial, coefficients

References:

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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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