Cycles and chaos in economic equilibrium

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Cycles and chaos in economic equilibrium

edited by Jess Benhabib

Princeton University Press, c1992

  • : hard
  • : pbk

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Includes bibliographical references

Description and Table of Contents

Volume

: pbk ISBN 9780691003924

Description

In recent years economists have begun to use the techniques of non-linear dynamics to show that some apparently erratic and turbulent economic phenomena reflect subtle underlying patterns. How do cyclic and chaotic dynamics arise in economic models of equilibrium? How can empirical methods be used to detect nonlinearities and cyclic and chaotic structures in economic models? In examining these questions, this book brings together the most significant work that has been done to date in economics-based chaos theory. Selected here particularly for the economist who is not a specialist in chaos theory, the essays, some previously unpublished and others not widely available, describe a new tool for understanding business cycles, stabilization policy, and forecasting. The contributors to the volume are William J. Baumol, Jess Benhabib, Michele Boldrin, William A. Brock, Richard H. Day, Raymond J. Deneckere, Allan Drazen, Jean-Michel Grandmont, Kenneth L. Judd, Bruno Jullien, Guy Laroque, Blake LeBaron, Bruce McNevin, Luigi Montrucchio, Salih Nefti, Kazuo Nishimura, James B. Ramsey, Pietro Reichlin, Philip Rothman, Chera L. Sayers, Jos A. Scheinkman, Wayne Shafer, William Whitesell, Edward N. Wolff, and Michael Woodford.

Table of Contents

Introduction31Equilibrium Models Displaying Endogenous Fluctuations and Chaos: A Survey82Periodic and Aperiodic Behaviour in Discrete One-Dimensional Dynamical Systems443A Characterization of Erratic Dynamics in the Overlapping Generations Model644On Endogenous Competitive Business Cycles825Competitive Business Cycles in an Overlapping Generations Economy with Productive Investment1386Endogenous Fluctuations in a Two-Sector Overlapping Generations Economy1587Recent Theories of the Business Cycle: The Role of Speculative Inventories1808Endogenous Cycles with Uncertain Lifespans in Continuous Time1999The Hopf Bifurcation and the Existence and Stability of Closed Orbits in Multisector Models of Optimal Economic Growth20610Sources of Complex Dynamics in Two-Sector Growth Models22811Imperfect Financial Intermediation and Complex Dynamics25312Dynamical Systems that Solve Continuous-Time Concave Optimization Problems: Anything Goes27713Stochastic Equilibrium Oscillations28914Cyclical and Chaotic Behavior in a Dynamic Equilibrium Model, with Implications for Fiscal Policy30815Endogenous Business Cycles with Self-Fulfilling Optimism: A Model with Entry33016Keynesian Chaos33917Feedback Between R&D and Productivity Growth: A Chaos Model35518Is the Business Cycle Characterized by Deterministic Chaos?37419The Statistical Properties of Dimension Calculations Using Small Data Sets: Some Economic Applications39420Some Evidence on the Non-Linearity of Economic Time Series: 1890-198142921Nonlinear Dynamics and Stock Returns446List of Contributors475
Volume

: hard ISBN 9780691042497

Description

In recent years economists have begun to use the techniques of non-linear dynamics to show that some apparently erratic and turbulent economic phenomena reflect subtle underlying patterns. How do cyclic and chaotic dynamics arise in economic models of equilibrium? How can empirical methods be used to detect nonlinearities and cyclic and chaotic structures in economic models? In examining these questions, this book brings together the most significant work that has been done to date in economics-based chaos theory. Selected here particularly for the economist who is not a specialist in chaos theory, the essays, some previously unpublished and others not widely available, describe a new tool for understanding business cycles, stabilization policy, and forecasting. The contributors to the volume are William J. Baumol, Jess Benhabib, Michele Boldrin, William A. Brock, Richard H. Day, Raymond J. Deneckere, Allan Drazen, Jean-Michel Grandmont, Kenneth L. Judd, Bruno Jullien, Guy Laroque, Blake LeBaron, Bruce McNevin, Luigi Montrucchio, Salih Nefti, Kazuo Nishimura, James B. Ramsey, Pietro Reichlin, Philip Rothman, Chera L. Sayers, Jos A. Scheinkman, Wayne Shafer, William Whitesell, Edward N. Wolff, and Michael Woodford.

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