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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