We study cycles and chaos in economic models. Autonomous dynamical systems are considered through infinite time horizon optimization models. We first show how endogenous fluctuations arise in a multisector growth model. Secondly, we consider an extension of this model by allowing direct influences of the production activity among agents. This is what economists call external effects. We show how indeterminacy, i.e. a multiplicity of equilibrium paths from the same initial point, appears.
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Paper provided by Universite Aix-Marseille III in its series G.R.E.Q.A.M. with number
00c03.
Length: 28 pages Date of creation: 2000 Date of revision: Handle: RePEc:fth:aixmeq:00c03
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Find related papers by JEL classification: C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models