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Chaos Theory and the New Keynesian Economics

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  • Rosser, J Barkley, Jr

Abstract

The possibility of endogenous chaotic cycles in rational expectations models undermines New Classical arguments that macroeconomic stabilization policies will be either ineffective or inefficient. However, the possibility of chaos also weakens the ability of New Keynesian stabilization policies because of the associated forecasting difficulties. Although numerous kinds of models can generate chaotic dynamics, empirical evidence of the existence of such dynamics in economics is ambiguous. Copyright 1990 by Blackwell Publishers Ltd and The Victoria University of Manchester

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Bibliographic Info

Article provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.

Volume (Year): 58 (1990)
Issue (Month): 3 (September)
Pages: 265-91

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Handle: RePEc:bla:manch2:v:58:y:1990:i:3:p:265-91

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Cited by:
  1. J. Barkley Rosser, 1999. "On the Complexities of Complex Economic Dynamics," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 169-192, Fall.
  2. J. Barkley Rosser, 2003. "A Nobel Prize for Asymmetric Information: The economic contributions of George Akerlof, Michael Spence and Joseph Stiglitz," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 3-21.

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