Competitive equilibrium cycles

Jess Benhabib, Kazuo Nishimura

    Research output: Chapter in Book/Report/Conference proceedingChapter


    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
    Number of pages22
    ISBN (Electronic)9783642223976
    ISBN (Print)9783642223969
    StatePublished - Jan 1 2012

    ASJC Scopus subject areas

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


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