Is the Romanian Business Cycle Characterized by Chaos?
I compare the two alternative paradigms of business cycles for the case of the Romanian economy, namely the mainstream view that business cycles are driven by stochastic shocks and the nonlinear view, known as the endogenous business cycles theory, which states that business cycles are driven by deterministic processes. The comparison is based on the run of several tests for nonlinearity and chaos, such as the BDS test or the maximum Lyapunov exponent.
Volume (Year): (2012)
Issue (Month): 3 (September)
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- Takala, Kari & Viren, Matti, 1996. "Chaos and nonlinear dynamics in financial and nonfinancial time series: Evidence from Finland," European Journal of Operational Research, Elsevier, vol. 93(1), pages 155-172, August.
- Albu, Lucian Liviu, 2001. "Evolution Of Inflation-Unemployment Relationship In The Perspective Of Romania’S Accession To Eu," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 5-23, December. Full references (including those not matched with items on IDEAS)
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