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The purpose of the paper is to introduce mathematicians to a cash-in-advance model from economics. We show that tools from inverse limits and dynamical systems developed in the last forty or so years are applicable to it. © 2007 Elsevier B.V. All rights reserved. MSC: primary 54H20, 39A05, 37N99; secondary 37N40, 37B45

Is a balanced-budget rule compatible with a government honoring its debt obligations? According to the conventional explanation, governments honor their debt obligations to maintain a good reputation for future borrowing. The ability to borrow is desirable because it allows for greater tax smoothing. However, a balanced-budget rule limits the ability to… (More)

Benhabib and Farmer (1996) explore the possibility of local indeterminacy in a twosector 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
- J. Economic Theory
- 2010

Suppose that equilibria from a dynamic economic model correspond to the backward orbits generated by a dynamical system f : X → X where X is a compact metric space and f is continuous and non-invertible, i.e., xt = f(xt+1). This type of behavior has been named backward dynamics and can occur in the cash-in-advance model of money and overlapping generations… (More)

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)

I extend the Atkeson and Kehoe (1999) putty-clay model to include elastic labor supply and more general forms of technology to explore the impact of oil shocks on the macroeconomy. In particular, I am interested in (1) how this extension affects their results with regard to permanent changes in the price of oil, (2) a comparison of the business cycle… (More)

- D R Stockman, T C Hall, D S Ryan
- Plant physiology
- 1976

The major globulin of the French bean (Phaseolus vulgaris L.) undergoes a reversible pH-dependent polymerization. At pH values above 6.5, the monomeric form of the protein predominates; and at pH values below 6.5, the protein occurs as a polymer, probably a tetramer. At extremes of pH, the protein dissociates further into peptides. The reversible… (More)

Motivated by problems from dynamic economic models, we consider the problem of defining a uniform measure on inverse limit spaces. Let f : X → X where X is a compact metric space and f is continuous, onto and piecewise one-to-one and Y := lim ←− (X, f). Then starting with a measure μ1 on the Borel sets B(X), we recursively construct a sequence of… (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)