search query: @author Vilder, R. de / total: 2
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| Author: | Grandmont, J-M. Pintus, P. Vilder, R. de |
| Title: | Capital-labor substitution and competitive nonlinear endogenous business cycles |
| Journal: | Journal of Economic Theory
1998 : MAY, VOL. 80:1, p. 14-59 |
| Index terms: | BUSINESS CYCLES CAPITAL LABOUR MODELS |
| Language: | eng |
| Abstract: | Simple geometrical methods are developed in the paper to study local indeterminacy, bifurcations, and stochastic equilibria near a steady state, in non-linear two-dimensional economic models. It is presented in particular a simple, constructive, geometrical characterization of the support of stochastic sunspot equilibria, not only arbitrarily near a steady state, but also along local bifurcations. These methods are applied to a simple aggregative model to study in particular the influence of capital-labor substitution and of the aggregate labor supply wage elasticity on the occurrence of competitive endogenous deterministic or stochastic fluctuations. |
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