In recent years economists have begun to use the techniques of non-linear dynamics to show that some apparently erratic and turbulent economic phenomena reflect subtle underlying patterns. How do cyclic and chaotic dynamics arise in economic models of equilibrium? How can empirical methods be...

This paper provides a turnpike-like theorem for multidimensional, optimal-growth models, which holds for evey level of the discount factor. It is shown that when the short-run return fu nction of the reduced-form model satisfies a certain sufficient condi tion, then the resulting dynamics is of...

The objective of this paper is to illustrate the connection existing between the asymptotic value of a certain random series and the absence of asset pricing valuation bubbles in stochastic economies with sequential markets. This series, in turn, is closely related to the one proposed by Cass to...