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Knife-edge conditions in the modeling of long-run growth regularities

Growiec, Jakub - Volkswirtschaftliche Fakultät, … - 2008

Balanced (exponential) growth cannot be generalized to a concept which would not require knife-edge conditions to be imposed on dynamic models. Already the assumption that a solution to a dynamical system (i.e. time path of an economy) satisfies a given functional regularity (e.g....

Persistent link: https://www.econbiz.de/10005619630

Existence of bifurcation in macroeconomic dynamics: Grandmont was right

He, Yijun; Barnett, William A. - Volkswirtschaftliche Fakultät, … - 2006

) indicate the possible existence of Hopf bifurcation within the parameter space of recent New Keynesian models. Lucas … parameters, which are invariant to policy rule changes. Hence, we continue the investigation of policy-relevant bifurcation by … and Sims (1994) model. We find the existence of singularity bifurcation boundaries within the parameter space. Although …

Persistent link: https://www.econbiz.de/10005619777

Negative volatility and the Survival of Western Financial Markets

Aase, Knut K. - Institutt for foretaksøkonomi, Norges Handelshøyskole … - 2004

The paper discusses situations where certain parameters are given values that are outside their natural ranges. One case is obtained when plugging in a negative value for the volatility parameter in the Black and Scholes formula. This leads to seemingly "new" results. <p> A different setting is...</p>

Persistent link: https://www.econbiz.de/10005645072

Valuation of Customers in Growth Companies - a Scenario Based Model

Krafft, Manfred; Rudolf, Markus; Rudolf-Sipötz, Elisabeth - In: Schmalenbach Business Review (sbr) 57 (2005) 2, pp. 103-127

In this paper, we evaluate growth stocks by modeling a company´ s customer equity. We start with the observation that the number of customers in successful start-ups increases very quickly (exponentially) in the first few years. Then the customer base converges towards an industry average. On...

Persistent link: https://www.econbiz.de/10005736932

STRAIN AND STAGES OF CENTRAL AND EAST-EUROPEAN TRANSITION

Albu, Lucian Liviu - In: Journal for Economic Forecasting (2000) 1, pp. 29-34

An important goal of the study is to demonstrate that the actual transition in the East European economies is going to be integrated into a more general process of a long-run transition, which also includes the Western economies. The author designed two models for capturing stagflation and for...

Persistent link: https://www.econbiz.de/10005612223

Non-Robust Dynamic Inferences from Macroeconometric Models: Bifurcation Stratification of Confidence Regions

Barnett, William A.; Duzhak, Evgeniya A. - Volkswirtschaftliche Fakultät, … - 2007

’s findings are particularly important, if bifurcation boundaries cross the confidence regions surrounding parameter estimates in … we explore bifurcation within the class of New Keynesian models. We develop the econometric theory needed to locate … bifurcation boundaries in log-linearized New-Keynesian models with Taylor policy rules or inflation-targeting policy rules …

Persistent link: https://www.econbiz.de/10005617012

Existence of Singularity Bifurcation in an Euler-Equations Model of the United States Economy: Grandmont was Right

Barnett, William A.; He, Susan - Volkswirtschaftliche Fakultät, … - 2009

,2009) demonstrate the existence of Hopf and flip (period doubling) bifurcation within the parameter space of recent New Keynesian models …-relevant bifurcation by searching the parameter space of the best known of the Euler equations general-equilibrium macroeconometric models …: the path-breaking Leeper and Sims (1994) model. We find the existence of singularity bifurcation boundaries within the …

Persistent link: https://www.econbiz.de/10005619286

Stability Analysis of Continuous-Time Macroeconometric Systems

Barnett, William; He, Yijun - In: Studies in Nonlinear Dynamics & Econometrics 3 (1999) 4, pp. 169-188

parameters at which instability occurs. Two types of boundaries are found: the transcritical bifurcation boundary and the Hopf … bifurcation boundary, corresponding to two different ways that instability occurs when parameter values cross the bifurcation … boundary.The existence of the Hopf bifurcation boundary is particularly useful, since Hopf bifurcation may provide explanations …

Persistent link: https://www.econbiz.de/10005751403

Bifurcaciones transcríticas y ciclos límites en un modelo dinámico de competición entre dos especies. Una aplicación a la pesquería de engraulis encrasicholus de la Región Suratlántica española

VÍLCHEZ LOBATO, Mª L.; VELASCO MORENTE, F.; GARCÍA … - In: Estudios de Economía Aplicada 20 (2002) Diciembre, pp. 651-677

Proponemos en este trabajo la utilización de la teoría matemática sobre bifurcaciones locales en el análisis de los sistemas dinámicos con aplicación a la pesca, como herramienta importante que revela interesantes comportamientos de las trayectorias del sistema. A grandes rasgos, dado un...

Persistent link: https://www.econbiz.de/10005549544

The Nonlinear Skeletons in the Closet

Barnett, William A.; Jones, Barry E.; Kirova, Milka; … - EconWPA - 2004

Although nonlinearity is the rule in economic theory, nonlinearity tends to make life difficult for econometricians. While there have been many advances in nonlinear econometrics in recent years, some problems produced by nonlinearity remain 'skeletons in the closet' in empirical economic...

Persistent link: https://www.econbiz.de/10005556393