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 language | English (US) |
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Title of host publication | Nonlinear Dynamics in Equilibrium Models |
Subtitle of host publication | Chaos, Cycles and Indeterminacy |
Publisher | TUT Press |
Pages | 75-96 |
Number of pages | 22 |
Volume | 9783642223976 |
DOIs | |
State | Published - 2011 |
ASJC Scopus subject areas
- Medicine (miscellaneous)