Chaotic dynamics and bifurcation in a macro model
By: Michael J. Stutzer
Series: Staff report -- #55; Staff report (Federal Reserve Bank of Minneapolis. Research Department : Online) -- 55.
Publisher: Federal Reserve Bank of Minneapolis
Published: 1980
Place of publication: Minneapolis, Minn.]
Language: eng
Format: [electronic resource] /
Subjects: Macroeconomics; Econometric models
Description: "The qualitative dynamics of a discrete time version of a deterministic, continuous time, nonlinear macro model formulated by Haavelmo are fully characterized.  Recently developed methods of symbolic dynamics and ergodic theory are shown to provide a simple, effective means of analyzing the behavior of the resulting one-parameter family of first-order, deterministic, nonlinear difference equations.  A complex periodic and random "aperiodic" orbit structure dependent on a key structural parameter is present, which contrasts with the total absence of such complexity in Haavelmo's continuous time version.  Several implications for dynamic economic modelling are discussed"--Federal Reserve Bank of Minneapolis web site.
Notes: Title from PDF file as viewed on 10/16/2007.

Includes bibliographical references.

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