#### Filter Results:

#### Publication Year

2005

2010

#### Publication Type

#### Co-author

#### Key Phrase

#### Publication Venue

Learn More

Some economic models like the cash-in-advance model of money have the property that the dynamics are ill-defined going forward in time, but well-defined going backward in time. In this paper, we apply the theory of inverse limits to characterize topologically all possible solutions to a dynamic economic model with this property. We show that such techniques… (More)

- David R Stockman
- 2007

Benhabib and Farmer (1996) explore the possibility of local indeterminacy in a two-sector model with sector-specific externalities. They find that very small sector-specific externalities are sufficient for local indeterminacy. In this case, it is possible to construct sunspot equilibria where extrinsic uncertainty matters. In this paper, I provide a global… (More)

- David R Stockman, Brian E Raines
- 2008

Some macroeconomic models exhibit a type of global indeterminacy known as Euler equation branching (e.g., the one-sector growth model with a production externality). The dynamics in such models are governed by a differential inclusion ˙ x ∈ F (x), where F is a set-valued function. In this paper, we show that in models with Euler equation branching there are… (More)

- Judy Kennedy, Brian Raines, David R Stockman
- 2007

In this paper, we provide a framework for calculating expected utility in models with chaotic equilibria and consequently a framework for ranking chaos. Suppose that a dynamic economic model's equilibria correspond to orbits generated by a chaotic dynamical system f : X → X where X is a compact metric space and f is continuous. The map f could represent the… (More)

Some economic models like the cash-in-advance model of money or overlapping generations model have the property that the dynamics are ill-defined going forward in time, but well-defined going backward in time. In such instances, what does it mean for an ill-defined dynamical system to be chaotic? Furthermore, under what conditions are such dynamical systems… (More)

- ‹
- 1
- ›