Jess Benhabib

Cycles and Chaos in Economic Equilibrium (eBook, PDF)

• Format: PDF

Produktbeschreibung

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 Selected here particularly for the economist who is not a specialist in chaos theory, the essays, some previously unpublished and others not widely available, describe a new tool for understanding business cycles, stabilization policy, and forecasting.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

• Verlag: Princeton University Press
• Erscheinungstermin: 9. Februar 2021
• Englisch
• ISBN-13: 9780691225210
• Artikelnr.: 60551532

Autorenporträt

Jess Benhabib

Inhaltsangabe

Introduction
3
1
Equilibrium Models Displaying Endogenous Fluctuations and Chaos: A
Survey
8
2
Periodic and Aperiodic Behaviour in Discrete One-Dimensional Dynamical
Systems
44
3
A Characterization of Erratic Dynamics in the Overlapping Generations
Model
64
4
On Endogenous Competitive Business Cycles
82
5
Competitive Business Cycles in an Overlapping Generations Economy with
Productive Investment
138
6
Endogenous Fluctuations in a Two-Sector Overlapping Generations Economy
158
7
Recent Theories of the Business Cycle: The Role of Speculative
Inventories
180
8
Endogenous Cycles with Uncertain Lifespans in Continuous Time
199
9
The Hopf Bifurcation and the Existence and Stability of Closed Orbits in
Multisector Models of Optimal Economic Growth
206
10
Sources of Complex Dynamics in Two-Sector Growth Models
228
11
Imperfect Financial Intermediation and Complex Dynamics
253
12
Dynamical Systems that Solve Continuous-Time Concave Optimization
Problems: Anything Goes
277
13
Stochastic Equilibrium Oscillations
289
14
Cyclical and Chaotic Behavior in a Dynamic Equilibrium Model, with
Implications for Fiscal Policy
308
15
Endogenous Business Cycles with Self-Fulfilling Optimism: A Model with
Entry
330
16
Keynesian Chaos
339
17
Feedback Between R&D and Productivity Growth: A Chaos Model
355
18
Is the Business Cycle Characterized by Deterministic Chaos?
374
19
The Statistical Properties of Dimension Calculations Using Small Data
Sets: Some Economic Applications
394
20
Some Evidence on the Non-Linearity of Economic Time Series: 1890-1981
429
21
Nonlinear Dynamics and Stock Returns
446
List of Contributors
475