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Author
J.M. Grandmont
P. Pintus
R. de Vilder
Year
1998
Title
Capital-labor substitution and competitive non-linear endogenous business cycles
Journal
Journal of Economic Theory
Volume | Issue number
80 | 1
Pages (from-to)
14-59
Document type
Article
Faculty
Faculty of Science (FNWI)
Institute
Korteweg-de Vries Institute for Mathematics (KdVI)
Abstract
We develop simple geometrical methods to study local indeterminacy, bifurcations, and stochastic (sunspot) equilibria near a steady state, in nonlinear two dimensional economic models. We present in particular a simple, constructive, geometrical characterization of the support of stochastic sunspot equilibria, not only arbitrarily near a steady state, but also along local bifurcations. These methods are applied to a simple aggregative model to study in particular the influence of capital-labor substitution and of the aggregate labor supply wage elasticity on the occurrence of competitive endogenous deterministic or stochastic fluctuations.
URL
go to publisher's site
Language
English
Permalink
http://hdl.handle.net/11245/1.153200

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