Adaptive economizing in nonlinear environments: Implications for economic modelling and policy analysis
AbstractThat trajectories of variables in economic models can become chaotic when natural non-linearities are incorporated, and do so generically, is a fact well established in a great variety of contexts and, presumably, one that is well known. Its implications, however, for empirical modelling and policy analysis seem hardly to have been considered at all. In these remarks I want to suggest what some of these implications are and what they imply for our research agenda. To illustrate the central points at issue three alternative business-cycle models and their implications for monetary policy will be briefly described.
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Bibliographic InfoPaper provided by Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance in its series CeNDEF Workshop Papers, January 2001 with number P5.
Date of creation: 04 Jan 2001
Date of revision:
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