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The Hopf Bifurcation and Existence and Stability of Closed Orbits in Multisector Models of Optimal Economic Growth

In: Nonlinear Dynamics in Equilibrium Models

Author

Listed:
  • Jess Benhabib

    (New York University)

  • Kazuo Nishimura

    (Kyoto University)

Abstract

The local and global stability of multisector optimal growth models has been extensively studied in the recent literature. Brock and Scheinkman (1976), Cass and Shell (1976), McKenzie (1976), and Scheinkman (1976) have established strong results about global stability that require a small rate of discount. Burmeister and Graham (1973), Araujo and Scheinkman (1977), Magill (1977), and Scheinkman (1978) have established conditions that yield stability conditions independently of the rate of discount.

Suggested Citation

  • Jess Benhabib & Kazuo Nishimura, 2012. "The Hopf Bifurcation and Existence and Stability of Closed Orbits in Multisector Models of Optimal Economic Growth," Springer Books, in: John Stachurski & Alain Venditti & Makoto Yano (ed.), Nonlinear Dynamics in Equilibrium Models, edition 127, chapter 0, pages 51-73, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-22397-6_3
    DOI: 10.1007/978-3-642-22397-6_3
    as

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