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- Title
Economic Cycles and Urban Growth with Land Value and Land Rent.
- Authors
Wei-Bin Zhang
- Abstract
The purpose of this study is to examine the existence of business fluctuations in an urban growth model of endogenous wealth and land value with residential distribution over a linear city by Zhang (2017). Zhang synthesised the Solow growth model and the Alonso model. This paper generalises Zhang's model by allowing all the time-independent parameters to be time-dependent. It examines the relationship between growth, urban structure and land value with different time-dependent exogenous shocks. We simulate the model to demonstrate the existence of equilibrium points, motion of the dynamic system, and oscillations due to different exogenous shocks. The paper makes a unique contribution to the literature of spatial economic growth by identifying cycles in a spatial growth model built on microeconomic foundation.
- Subjects
BUSINESS cycles; REAL property sales &; prices; URBAN growth; DYNAMICAL systems; ECONOMIC development
- Publication
Malaysian Journal of Economic Studies, 2019, Vol 56, Issue 2, p267
- ISSN
1511-4554
- Publication type
Article
- DOI
10.22452/MJES.vol56no2.5