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Chaotic dynamics in a two-dimensional overlapping generations model

✍ Scribed by Masanori Yokoo

Publisher
Elsevier Science
Year
2000
Tongue
English
Weight
540 KB
Volume
24
Category
Article
ISSN
0165-1889

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✦ Synopsis

This paper investigates the global dynamics of a two-dimensional Diamond-type overlapping generations model extended to allow for government intervention. Using a singular perturbation method, we identify conditions under which transverse homoclinic points to the golden rule steady state are generated. For a parametric example with a CES production function, the occurrence of complicated dynamics (e.g. strange attractors) associated with homoclinic bifurcations is demonstrated.

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