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Comments on “Constant gain learning and business cycles”

Author

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  • Claude Diebolt

    (BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique)

Abstract

There are two contracting viewpoints concerning the explanation of observed fluctuations in economics. According to the first view the main source of fluctuations is to be found in exogenous, random shocks to fundamentals. According to the second view a significant part of observed fluctuations is caused by non-linear economic laws. Even in the absence of any external shocks, non-linear market laws can generate endogenous business fluctuations. The discovery of chaotic, seemingly random looking dynamical behavior in simple deterministic models sheds important new light on this debate. In order to detect non-linear structures in economic data a certain number of tests, some based on chaos theory, have been developed. The model by Cellarier, with boundedly rational households, is an excellent contribution to this literature.

Suggested Citation

  • Claude Diebolt, 2006. "Comments on “Constant gain learning and business cycles”," Post-Print hal-00279187, HAL.
    • Handle: RePEc:hal:journl:hal-00279187
    DOI: 10.1016/j.jmacro.2005.10.006
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    Cited by:

    1. Gomes, Orlando, 2007. "Externalities in R&D: a route to endogenous fluctuations," MPRA Paper 2850, University Library of Munich, Germany.

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