Population Wealth and Business Cycles with Job Discrimination

This study confirms existence of business cycles in a model of economic growth and population change with discrimination against women proposed. We generalize Zhang's model by allowing constant coefficients to be time-dependent (Zhang, 2017). Zhang's model deals with dynamic interdependence between wealth accumulation and endogenous birth and mortality rates with gender discrimination. The production technology and markets influenced by Solow's neoclassical growth model. The basic mechanisms for population changes are influenced by the Barro-Becker fertility choice model and the Haavelmo population model. The model synthesizes these dynamic forces in a compact framework by applying Zhang's utility function. This study examines properties of the generalized model and identifies business cycles due to exogenous periodic shocks.