On the transition from local regular to global irregular fluctuations
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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- G, Cazzavillan & T, Lloyd-Braga & P, A, Pintus, 1997.
"Multiple Steady States and Endogenous Fluctuations with Increasing Returns to Scale in Production,"
97-29, Centre de Recherche en Economie et Statistique.
- Cazzavillan, Guido & Lloyd-Braga, Teresa & Pintus, Patrick A., 1998. "Multiple Steady States and Endogenous Fluctuations with Increasing Returns to Scale in Production," Journal of Economic Theory, Elsevier, vol. 80(1), pages 60-107, May.
- Cazzavillan, Guido & Lloyd-Braga, Teresa & Pintus, Patrick, 1996. "Multiple steady states and endogenous fluctuations with increasing returns to scale in production," CEPREMAP Working Papers (Couverture Orange) 9618, CEPREMAP.
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"A Rational Route to Randomness,"
9530r, Wisconsin Madison - Social Systems.
- 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).
- Grandmont, Jean-Michel & Pintus, Patrick & de Vilder, Robin, 1998. "Capital-Labor Substitution and Competitive Nonlinear Endogenous Business Cycles," Journal of Economic Theory, Elsevier, vol. 80(1), pages 14-59, May.
- Jean-Michel Grandmont & P, A, Pintus & R, De Vilder, 1997. "Capital-Labor Substitution and Competitive Nonlinear Endogenous Business Cycles," Working Papers 97-28, Centre de Recherche en Economie et Statistique.
- de Vilder, Robin, 1996. "Complicated Endogenous Business Cycles under Gross Substitutability," Journal of Economic Theory, Elsevier, vol. 71(2), pages 416-442, November.
- Woodford, Michael, 1986. "Stationary sunspot equilibria in a finance constrained economy," Journal of Economic Theory, Elsevier, vol. 40(1), pages 128-137, October.
- Benhabib, Jess & Laroque, Guy, 1986.
"On Competitive Cycles in Productive Economies,"
86-19, C.V. Starr Center for Applied Economics, New York University.
- Reichlin, Pietro, 1986. "Equilibrium cycles in an overlapping generations economy with production," Journal of Economic Theory, Elsevier, vol. 40(1), pages 89-102, October.
- Farmer, Roger E. A., 1986. "Deficits and cycles," Journal of Economic Theory, Elsevier, vol. 40(1), pages 77-88, October.
- repec:cup:cbooks:9780521484619 is not listed on IDEAS
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