A Geometric Approach to Local Indeterminacy & Local Bifurcations in Three-Dimensional Dynamical Systems
AbstractIn discrete three-dimensional dynamical systems frequently encountered in dynamic general equilibrium models, local indeterminacy -sunspot equilibria - and local bifurcations -endogenous deterministic fluctuations - issues are quite difficult to handle. Pitfalls derive from the fact that in generic models a standard analysis of the spectrum of the 3 x 3 Jacobian matrix, though achievable, usually turns out to be of no use. It is the purpose of this contribution to develop geometrical tools which avoid cumbersome computations or numerical investigations. Rather tractable necessary and sufficient conditions are provided, that ensure the occurence of generic local bifurcations and also a useful "toolkit" for assessing the local determinacy / indeterminacy of intertemporal equilibria. The usefulness of this method is finally illustrated in a productive model of overlapping generations with elastic labour supply.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoPaper provided by UniversitÃ© PanthÃ©on-Sorbonne (Paris 1) in its series Papiers d'Economie MathÃ©matique et Applications with number 1999.40.
Length: 33 pages
Date of creation: 1999
Date of revision:
Contact details of provider:
Postal: France; Universite de Paris I - Pantheon- Sorbonne, 12 Place de Pantheon-75005 Paris, France
Phone: + 33 44 07 81 00
Fax: + 33 1 44 07 83 01
Web page: http://cermsem.univ-paris1.fr/
More information through EDIRC
BUSINESS CYCLES ; MATHEMATICAL ANALYSIS ; ECONOMIC GROWTH;
Find related papers by JEL classification:
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
You can help add them by filling out this form.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Thomas Krichel).
If references are entirely missing, you can add them using this form.