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Creator: Stutzer, Michael J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 140 Abstract:
The qualitative dynamics of a discrete time version of a deterministic, continuous time, nonlinear macro model formulated by Haavelmo are fully characterized. The 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.
Palabra clave: Erdogic theory, Symbolic dynamics, and Continuous time model Tema: C01 - Econometrics and E10 - General Aggregative Models: General
Creator: Wallace, Neil Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 018 Palabra clave: Capital movements, Foreign earning asset, and Foreign exchange rates Tema: E10 - General Aggregative Models: General, E62 - Fiscal Policy, E22 - Investment; Capital; Intangible Capital; Capacity, and F31 - Foreign Exchange