haku: @indexterm Equilibrium analysis / yhteensä: 508
viite: 124 / 508
| Tekijä: | Nishimura, K. Shigoka, T. Yano, M. |
| Otsikko: | Chaotic equilibrium dynamics in endogenous growth models |
| Lehti: | Journal of Economic Theory
2001 : JAN-FEB, VOL. 96:1/2, p. 97-132 |
| Asiasana: | EQUILIBRIUM ANALYSIS GROWTH MODELS |
| Kieli: | eng |
| Tiivistelmä: | The authors study a class of two-sector endogenous growth models in the presence of a positive external effect. The class of models exhibits global indeterminacy of equilibria. The qualitative properties of a set of examples are analyzed by means of analytical and numerical methods. The authors also construct robust examples of both topological and ergodic chaos. The authors' results demonstrate that in models with positive externalities in which unbounded accumulation is possible, trend and cycles in aggregate variables can be simultaneously generated by the same endogenous economic mechanism. The authors believe this line of investigation to be worthy of further consideration. |
SCIMA