Finding an Example of an Optimising Agent with Cyclical Behaviour
Most recent studies of dynamic macroeconomic relationships focus on models derived from optimising behaviour by economic agents. In most of these models, the eigenvalues of the associated dynamical system are real-valued and so the time-path of the system exhibits monotonic or near-monotonic behaviour. While, it is well-known that linear dynamic models with complex-valued eigenvalues exhibit the property of oscillatory dynamic behaviour, limited research has been undertaken to investigate the properties of optimising models with oscillatory behaviour. In this study, we will focus on producing an example of an optimising agent whose dynamics are characterised by complex-valued eigenvalues and who thus exhibits cyclical behaviour.
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- LÃ©onard,Daniel & Long,Ngo van, 1992.
"Optimal Control Theory and Static Optimization in Economics,"
Cambridge University Press, number 9780521337465, December.
- LÃ©onard,Daniel & Long,Ngo van, 1992. "Optimal Control Theory and Static Optimization in Economics," Cambridge Books, Cambridge University Press, number 9780521331586, December.
- Stephen J. Turnovsky, 2000. "Methods of Macroeconomic Dynamics, 2nd Edition," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262201232.
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