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Systemic cycles of accumulation, spatial expansion and chaos: Adding a missing link

Goldsmiths, Giorgos Galanis; Koutny, Christian; Weber, … - 2022

characterized by what is called 'systemic chaos', however the drivers of these chaotic dynamics have not been explicitly analyzed … chaos, in three steps. First, we show that the accumulation process can be mathematically described by what is known as a … missing detailed understanding of how systemic chaos is an outcome of the contradictory dynamics of capital accumulation …

Persistent link: https://www.econbiz.de/10013467124

Controlling Complexity in Spatial Modelling

Paelinck, Jean - 2000

The present complexity approach is based on two assumptions: A1: measurability of deviations of outcomes with respect to reference values; A2 : extension of A1 to multi-set analysis. Complexity is then defined in terms of multi-set deviation compared to single-set ones; an interpretation is...

Persistent link: https://www.econbiz.de/10010315050

Chaotic interest rate rules

Benhabib, Jess; Schmitt-Grohé, Stephanie; Uribe, Martín - 2001

A growing empirical and theoretical literature argues in favor of specifying monetary policy in the form of Taylor-type interest rate feedback rules. That is, rules whereby the nominal interest rate is set as an increasing function of inflation with a slope greater than one around an intended...

Persistent link: https://www.econbiz.de/10010318350

The Good, the bad, and the ugly: an inquiry into the causes and nature of credit cycles

Matsuyama, Kiminori - 2004

This paper builds models of nonlinear dynamics in the aggregate investment and borrower net worth and uses them to study the causes and nature of endogenous credit cycles. The basic model has two types of projects: the Good and the Bad. The Bad is highly productive, but, unlike the Good, it...

Persistent link: https://www.econbiz.de/10010266314

The Euro/Dollar exchange rate: Chaotic or non-chaotic?

Federici, Daniela; Gandolfo, Giancarlo - 2011

-linearity that gives rise to a jerk differential equation, which is in principle capable of generating chaos. The model is …

Persistent link: https://www.econbiz.de/10010274880

Deterministic chaos versus stochastic processes: An empirical study on the Austrian Schilling - US Dollar exchange rate

Crespo Cuaresma, Jesús - 1998

The classical theory about foreign exchange rate explains its fluctuations as the resulting of a random walk motion. In this paper, such a theory is put into question by performing Brock, Dechert and Scheinkman's (1987) test on the Austrian Schilling - US Dollars exchange rate for the period...

Persistent link: https://www.econbiz.de/10010291922

Testing for Nonlinear Structure and Chaos in Economic Time. A Comment.

Hommes, Cars; Manzan, Sebastiano - 2006

This short paper is a comment on ``Testing for Nonlinear Structure and Chaos in Economic Time Series'' by Catherine … outliers and noisy chaos. In particular, we include some new simulations to investigate whether economic time series may be … characterized by low dimensional noisy chaos. …

Persistent link: https://www.econbiz.de/10010325181

Robust cyclical growth

Mukherji, Anjan - 2003

The stability of cyclical growth within the context of a model in Matsuyama (1999) is examined. It is shown that but for an extreme situation, the two-cycles are unique and a range of parameter values which imply the stability of such cyclical growth is derived. The growth enhancing property of...

Persistent link: https://www.econbiz.de/10010332291

From self-fulfilling mistakes to behavioral learning equilibria

Hommes, Cars - 2017

This essay links some of my own work on expectations, learning and bounded rationality to the inspiring ideas of Jean-Michel Grandmont. In particular, my work on consistent expectations and behavioral learning equilibria may be seen as formalizations of JMG's ideas of self-fulfilling mistakes....

Persistent link: https://www.econbiz.de/10011662516

Production delays, technology choice and cyclical cobweb dynamics

Dieci, Roberto; Mignot, Sarah; Westerhoff, Frank H. - 2021

We develop a cobweb model in which firms, facing a two-period production delay, have access to a flexible (costly) and an inflexible (cheap) production technology. Moreover, firms select between production technologies depending on theirevolutionary fitness, measured in terms of past realized...

Persistent link: https://www.econbiz.de/10012801537