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Optimal Cycles and Chaos: A Survey

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Author Info

  • Kazuo Nishimura

    (Kyoto University)

  • Gerhard Sorger

    (University of Vienna)

Abstract

This paper surveys the literature on cyclical and chaotic equilibrium paths in deterministic optimal growth models with infinitely lived agents. We focus on discrete time models but also briefly mention results for continuous time models. We start by reviewing those results that have been proved for optimal growth models in reduced form. Then we discuss results for two-sector optimal growth models in primitive form. Finally, we summarize a few results that have been obtained for other variants of the model, including models with recursive preferences and models with heterogeneous agents.

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File URL: http://www.bepress.com/cgi/viewcontent.cgi?article=1009&context=snde
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Bibliographic Info

Article provided by De Gruyter in its journal Studies in Nonlinear Dynamics & Econometrics.

Volume (Year): 1 (1996)
Issue (Month): 1 ()
Pages: 3

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Handle: RePEc:bpj:sndecm:v:1:y:1996:i:1:n:3

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Web page: http://www.degruyter.com

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Web: http://www.degruyter.com/view/j/snde

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Cited by:
  1. Gomes, Orlando, 2008. "Too much of a good thing: Endogenous business cycles generated by bounded technological progress," Economic Modelling, Elsevier, vol. 25(5), pages 933-945, September.
  2. Asea, Patrick K. & Zak, Paul J., 1999. "Time-to-build and cycles," Journal of Economic Dynamics and Control, Elsevier, vol. 23(8), pages 1155-1175, August.
  3. William Barnett & Apostolos Serletis & Demitre Serletis, 2012. "Nonlinear and Complex Dynamics in Economics," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 201238, University of Kansas, Department of Economics, revised Sep 2012.
  4. Orlando Gomes, 2010. "Consumer confidence, endogenous growth and endogenous cycles," Journal of Economic Studies, Emerald Group Publishing, vol. 37(4), pages 377-404, September.
  5. La Torre, Davide & Marsiglio, Simone & Privileggi, Fabio, 2011. "Fractals and Self-Similarity in Economics: the Case of a Stochastic Two-Sector Growth Model," POLIS Working Papers 157, Institute of Public Policy and Public Choice - POLIS.
  6. Jang-Ting Guo & Kevin Lansing, 1999. "Fiscal policy, increasing returns, and endogenous fluctuations," Working Papers in Applied Economic Theory 99-08, Federal Reserve Bank of San Francisco.
  7. Orlando Gomes, 2010. "Deterministic randomness in a model of finance and growth," Journal of Evolutionary Economics, Springer, vol. 20(1), pages 95-114, January.
  8. Anjan Mukherji, 2003. "Competitive Equilibria: Convergence, Cycles or Chaos," ISER Discussion Paper 0591, Institute of Social and Economic Research, Osaka University.

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