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Capital-Labor Substitution and Competitive Nonlinear Endogenous Business Cycles

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  • Jean-Michel Grandmont

    (Crest)

  • P, A, Pintus

    (Crest)

  • R, De Vilder

    (Crest)

Abstract

We develop in this paper simple geometrical methods to study local indeterminacy, bifurcations and stochastic (sunspot) equilibria near a steady state, in nonlinear two dimensional economic models. We present stochastic sunspot equilibria, which allows a constructive description of local bifurcations. The latter analysis is relevant when some eigenvalues of the linearized dynamics, near the steady state, have a modulus close to one (“unit root(s)”), as taking into account small nonlinearities generates linear local approximation. These methods are applied to a simple aggregative model (Woodford (JET, 1986)), to study in particular the influence of capital-labor substitution and of the aggregate labor supply wage elasticiy, on the occurrence of competitive endogenous deterministic or stochastic fluctuations.

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Bibliographic Info

Paper provided by Centre de Recherche en Economie et Statistique in its series Working Papers with number 97-28.

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Date of creation: 1997
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Handle: RePEc:crs:wpaper:97-28

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