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On the transition from local regular to global irregular fluctuations

  • Pintus, Patrick
  • Sands, Duncan
  • de Vilder, Robin

We present a general framework for understanding the transition from local regular to global irregular (chaotic) behavior of nonlinear dynamical models in discrete time. The fundamental mechanism is the unfolding of quadratic tangencies between the stable and the unstable manifolds of periodic saddle points. To illustrate the relevance of the presented methods for analyzing globally a class of dynamic economic models, we apply them to the finite horizon model of Woodford.

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File URL: http://www.sciencedirect.com/science/article/pii/S0165-1889(98)00071-2
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Article provided by Elsevier in its journal Journal of Economic Dynamics and Control.

Volume (Year): 24 (2000)
Issue (Month): 2 (February)
Pages: 247-272

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Handle: RePEc:eee:dyncon:v:24:y:2000:i:2:p:247-272
Contact details of provider: Web page: http://www.elsevier.com/locate/jedc

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  1. Brock, W.A., 1995. "A Rational Route to Randomness," Working papers 9530, Wisconsin Madison - Social Systems.
  2. Reichlin, Pietro, 1986. "Equilibrium cycles in an overlapping generations economy with production," Journal of Economic Theory, Elsevier, vol. 40(1), pages 89-102, October.
  3. Woodford, Michael, 1986. "Stationary sunspot equilibria in a finance constrained economy," Journal of Economic Theory, Elsevier, vol. 40(1), pages 128-137, October.
  4. G, Cazzavillan & T, Lloyd-Braga & P, A, Pintus, 1997. "Multiple Steady States and Endogenous Fluctuations with Increasing Returns to Scale in Production," Working Papers 97-29, Centre de Recherche en Economie et Statistique.
  5. GRANDMONT, Jean-Michel & PINTUS, Patrick & de VILDER, Robin, 1997. "Capital-labor substitution and competitive nonlinear endogenous business cycles," CORE Discussion Papers 1997087, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  6. de Vilder, Robin, 1996. "Complicated Endogenous Business Cycles under Gross Substitutability," Journal of Economic Theory, Elsevier, vol. 71(2), pages 416-442, November.
  7. Farmer, Roger E. A., 1986. "Deficits and cycles," Journal of Economic Theory, Elsevier, vol. 40(1), pages 77-88, October.
  8. Benhabib, Jess & Laroque, Guy, 1988. "On competitive cycles in productive economies," Journal of Economic Theory, Elsevier, vol. 45(1), pages 145-170, June.
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