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Robustness and Local Linearisation in Economic Models

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  • Donald George
  • Les Oxley

Abstract

This paper discusses the importance of nonlinear dynamics from a theoretical and an empirical point of view. It stresses the need for global as opposed to local analysis and develops the important concept of robustness. Using this concept, the paper argues that much modern macroeconomics can be dismissed on methodological grounds alone. The paper also deals with the empirics of hyperinflation and with the detection of chaos in financial markets.

Suggested Citation

  • Donald George & Les Oxley, 1999. "Robustness and Local Linearisation in Economic Models," Journal of Economic Surveys, Wiley Blackwell, vol. 13(5), pages 529-550, December.
    • Handle: RePEc:bla:jecsur:v:13:y:1999:i:5:p:529-550
    DOI: 10.1111/1467-6419.00097
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    Cited by:

    1. Hartwell, Christopher A., 2019. "Short waves in Hungary, 1923 and 1946: Persistence, chaos, and (lack of) control," Journal of Economic Behavior & Organization, Elsevier, vol. 163(C), pages 532-550.
    2. Fulvio Castellacci, 2007. "Evolutionary And New Growth Theories. Are They Converging?," Journal of Economic Surveys, Wiley Blackwell, vol. 21(3), pages 585-627, July.

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