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Cycles and Chaos in Economic Equilibrium - Jess Benhabib

Cycles and Chaos in Economic Equilibrium

Paperback

Published: 1st March 1992
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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 Selected here particularly for the economist who is not a specialist in chaos theory, the essays, some previously unpublished and others not widely available, describe a new tool for understanding business cycles, stabilization policy, and forecasting.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.

introductionp. 3
Equilibrium Models Displaying Endogenous Fluctuations and Chaos A Surveyp. 8
Periodic and Aperiodic Behaviour in Discrete One-Dimensional Dynamical Systemsp. 44
A Characterization of Erratic Dynamics in the Overlapping Generations Modelp. 64
On Endogenous Competitive Business Cyclesp. 82
Competitive Business Cycles in an Overlapping Generations Economy with Productive Investmentp. 138
Endogenous Fluctuations in a Two-Sector Overlapping Generations Economyp. 158
Recent Theories of the Business Cyclep. 180
Endogenous Cycles with Uncertain Lifespans in Continuous Timep. 199
The Hopf Bifurcation and the Existence and Stability of Closed Orbits in Multisector Models of Optimal Economic Growthp. 206
Sources of Complex Dynamics in Two-Sector Growth Modelsp. 228
Imperfect Financial Intermediation and Complex Dynamicsp. 253
Dynamical Systems that Solve Continuous-Time Concave Optimization Problemsp. 277
Stochastic Equilibrium Oscillationsp. 289
Cyclical and Chaotic Behavior in a Dynamic Equilibrium Model, with Implications for Fiscal Policyp. 308
Endogenous Business Cycles with Self-Fulfilling Optimismp. 330
Keynesian Chaosp. 339
Feedback Between R&D and Productivity Growthp. 355
Is the Business Cycle Characterized by Deterministic Chaos?p. 374
The Statistical Properties of Dimension Calculations Using Small Data Setsp. 394
Some Evidence on the Non-Linearity of Economic Time Seriesp. 429
Nonlinear Dynamics and Stock Returnsp. 446
List of Contributorsp. 475
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780691003924
ISBN-10: 0691003920
Audience: Tertiary; University or College
Format: Paperback
Language: English
Number Of Pages: 488
Published: 1st March 1992
Publisher: Princeton University Press
Country of Publication: US
Dimensions (cm): 24.13 x 15.88  x 2.54
Weight (kg): 0.68