Competitive equilibrium cycles

Jess Benhabib, Kazuo Nishimura

    Research output: Chapter in Book/Report/Conference proceedingChapter

    Abstract

    Recently there has been a surge of interest in endogenous business cycles that arise in competitive laissez-faire economies. In the context of standard overlapping generations economies, conditions for the existence of equilibrium cycles have been given by Grandmont (1983) and by Benhabib and Day (1982). Models of the economy with extrinsic uncertainty or "sunspots" that have been developed by Shell (1977) and by Cass and Shell (1983) (see also Balasko (1983)) can also lead to equilibrium cycles.

    Original languageEnglish (US)
    Title of host publicationNonlinear Dynamics in Equilibrium Models
    Subtitle of host publicationChaos, Cycles and Indeterminacy
    PublisherSpringer Berlin Heidelberg
    Pages75-96
    Number of pages22
    ISBN (Electronic)9783642223976
    ISBN (Print)9783642223969
    DOIs
    StatePublished - Jan 1 2012

    ASJC Scopus subject areas

    • Economics, Econometrics and Finance(all)
    • Business, Management and Accounting(all)

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  • Cite this

    Benhabib, J., & Nishimura, K. (2012). Competitive equilibrium cycles. In Nonlinear Dynamics in Equilibrium Models: Chaos, Cycles and Indeterminacy (pp. 75-96). Springer Berlin Heidelberg. https://doi.org/10.1007/978-3-642-22397-6_4