The hopf bifurcation and existence and stability of closed orbits in multisector models of optimal economic growth

Jess Benhabib; Kazuo Nishimura

doi:10.1007/978-3-642-22397-6_3

The hopf bifurcation and existence and stability of closed orbits in multisector models of optimal economic growth

Jess Benhabib, Kazuo Nishimura

Research output: Chapter in Book/Report/Conference proceeding › Chapter

Abstract

The local and global stability of multisector optimal growth models has been extensively studied in the recent literature. Brock and Scheinkman (1976), Cass and Shell (1976), McKenzie (1976), and Scheinkman (1976) have established strong results about global stability that require a small rate of discount. Burmeister and Graham (1973), Araujo and Scheinkman (1977), Magill (1977), and Scheinkman (1978) have established conditions that yield stability conditions independently of the rate of discount.

Original language	English (US)
Title of host publication	Nonlinear Dynamics in Equilibrium Models
Subtitle of host publication	Chaos, Cycles and Indeterminacy
Publisher	Springer Berlin Heidelberg
Pages	51-73
Number of pages	23
ISBN (Electronic)	9783642223976
ISBN (Print)	9783642223969
DOIs	https://doi.org/10.1007/978-3-642-22397-6_3
State	Published - Jan 1 2012

ASJC Scopus subject areas

General Economics, Econometrics and Finance
General Business, Management and Accounting

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10.1007/978-3-642-22397-6_3

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The hopf bifurcation and existence and stability of closed orbits in multisector models of optimal economic growth

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