Nonlinear Dynamics in Equilibrium Models: Chaos, Cycles and Indeterminacy

✍ Scribed by John Stachurski, Alain Venditti, Makoto Yano (auth.), John Stachurski, Alain Venditti, Makoto Yano (eds.)

• Publisher: Springer-Verlag Berlin Heidelberg
• Year: 2012
• Tongue: English
• Leaves: 467
• Edition: 1
• Category: Library

✦ Synopsis

Optimal growth theory studies the problem of efficient resource allocation over time, a fundamental concern of economic research. Since the 1970s, the techniques of nonlinear dynamical systems have become a vital tool in optimal growth theory, illuminating dynamics and demonstrating the possibility of endogenous economic fluctuations. Kazuo Nishimura's seminal contributions on business cycles, chaotic equilibria and indeterminacy have been central to this development, transforming our understanding of economic growth, cycles, and the relationship between them. The subjects of Kazuo's analysis remain of fundamental importance to modern economic theory. This book collects his major contributions in a single volume. Kazuo Nishimura has been recognized for his contributions to economic theory on many occasions, being elected fellow of the Econometric Society and serving as an editor of several major journals.

✦ Table of Contents

Front Matter....Pages i-xi
Introduction....Pages 1-12
Non-linear Dynamics in the Infinite Time Horizon Model....Pages 13-47
Front Matter....Pages 49-49
The Hopf Bifurcation and Existence and Stability of Closed Orbits in Multisector Models of Optimal Economic Growth....Pages 51-73
Competitive Equilibrium Cycles....Pages 75-96
Interlinkage in the Endogenous Real Business Cycles of International Economies....Pages 97-124
Front Matter....Pages 125-125
Non-linear Dynamics and Chaos in Optimal Growth: An Example....Pages 127-150
Chaotic Solutions in Dynamic Linear Programming....Pages 151-164
On the Least Upper Bound of Discount Factors that are Compatible with Optimal Period-Three Cycles....Pages 165-191
Front Matter....Pages 193-193
Intertemporal Complementarity and Optimality: A Study of a Two-Dimensional Dynamical System....Pages 195-233
Front Matter....Pages 235-235
A Complete Characterization of Optimal Growth Paths in an Aggregated Model with a Non-Concave Production Function....Pages 237-257
Front Matter....Pages 259-259
Stochastic Optimal Growth with Nonconvexities....Pages 261-288
Stability of Stochastic Optimal Growth Models: A New Approach....Pages 289-307
Front Matter....Pages 309-309
Indeterminacy and Sunspots with Constant Returns....Pages 311-346
Trade and Indeterminacy in a Dynamic General Equilibrium Model....Pages 347-361
Indeterminacy in Discrete-Time Infinite-Horizon Models with Non-linear Utility and Endogenous Labor....Pages 363-400
Front Matter....Pages 401-401
Indeterminacy Under Constant Returns to Scale in Multisector Economies....Pages 403-412
Global Externalities, Endogenous Growth and Sunspot Fluctuations....Pages 413-425
Homoclinic Bifurcation and Global Indeterminacy of Equilibrium in a Two-Sector Endogenous Growth Model....Pages 427-451
Back Matter....Pages 453-454

✦ Subjects

Economic Growth