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| Author: | Vilder, R. de |
| Title: | Complicated endogenous business cycles under gross substitutability |
| Journal: | Journal of Economic Theory
1996 : NOV, VOL. 71:2, p. 416-442 |
| Index terms: | ECONOMIC THEORY BUSINESS CYCLES SUBSTITUTE GOODS |
| Language: | eng |
| Abstract: | In this paper the authors investigate the global behavior of the output equilibrium time paths in a two-dimensional overlapping generations model with productive investment and capital accumulation, where agents behave rationally and markets are competitive. The authors show that equilibrium time paths can converge to complicated (chaotic) attractors as well as periodic attractors when the substitution effect dominates the income effect everywhere. |
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