Nonlinearity and Chaos in Economic Models: Implications for Policy Decisions.
This survey paper discusses the policy implications that can be expected from the recent research on nonlinearity and chaos in economic models. Expected policy implications are interpreted as a driving force behind the recent proliferation of research in this area. In general, it appears that no new justification for policy intervention is developed in models of endogenous fluctuations, although this conclusion depends in part on the definition of equilibrium. When justified, however, policy tends to be very effective in these models. Copyright 1993 by Royal Economic Society.
Year of publication: |
1993
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Authors: | Bullard, James ; Butler, Alison |
Published in: |
Economic Journal. - Royal Economic Society - RES, ISSN 1468-0297. - Vol. 103.1993, 419, p. 849-67
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Publisher: |
Royal Economic Society - RES |
Saved in:
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