search query: @indexterm International economic relations / total: 112
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| Author: | Shintani, M. Linton, Ol. |
| Title: | Is there chaos in the world economy? A nonparametric test using consistent standard errors |
| Journal: | International Economic Review
2003 : FEB, VOL. 44:1, p. 331-358 |
| Index terms: | International economic relations World economy Economic interdependence |
| Language: | eng |
| Abstract: | A positive Lyapunov exponent is one practical definition of chaos. The authors develop a formal test for chaos in a noisy system based on the consistent standard errors of the nonparametric Lyapunov exponent estimators. For international real output series, the hypothesis of the positive Lyapunov exponent is significantly rejected in many cases. The authors find that the traditional exogenous models are better able to explain business cycle fluctuations that is the chaotic endogenous approach. |
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