Capital-Labor Substitution and competitive Nonlinear Endogenous Business Cycles

We develop in this paper simple geometrical methods to study local indeterminacy, bifurcations and stochastic (sunspot) equilibria near a steady state, in nonlinear two dimensional economic models. We present in particular a simple geometrical characterization of the support of stochastic sunspot equilibria, not only arbitrarily near a steady state, but also along local bifurcations.

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Year of publication:	1997
Authors:	Grandmont, J.M. ; Pintus, P. ; De Vilder, R.
Subject:	BUSINESS CYCLES \| ECONOMIC EQUILIBRIUM \| LINEAR MODELS \| DYNAMIC ANALYSIS \| UNIT ROOTS

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Type of publication:	Book / Working Paper
Notes:	76 pages
Classification:	E32 - Business Fluctuations; Cycles ; C62 - Existence and Stability Conditions of Equilibrium
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005486807