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Competitive Equilibrium Cycles

In: Nonlinear Dynamics in Equilibrium Models


  • Jess Benhabib

    (New York University)

  • Kazuo Nishimura

    (Kyoto University)


Recently there has been a surge of interest in endogenous business cycles that arise in competitive laissez-faire economies. In the context of standard overlapping generations economies, conditions for the existence of equilibrium cycles have been given by Grandmont (1983) and by Benhabib and Day (1982). Models of the economy with extrinsic uncertainty or “sunspots” that have been developed by Shell (1977) and by Cass and Shell (1983) (see also Balasko (1983)) can also lead to equilibrium cycles.

Suggested Citation

  • Jess Benhabib & Kazuo Nishimura, 2012. "Competitive Equilibrium Cycles," Springer Books, in: John Stachurski & Alain Venditti & Makoto Yano (ed.), Nonlinear Dynamics in Equilibrium Models, edition 127, chapter 0, pages 75-96, Springer.
  • Handle: RePEc:spr:sprchp:978-3-642-22397-6_4
    DOI: 10.1007/978-3-642-22397-6_4

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