Studies in Economic Theory
Volume 1 / 1991 to Volume 31 / 2017
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27 Result(s)
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Article
Global convergence in an overlap** generations model with two-sided altruism
We study the evolutionary dynamics of an overlap** generations economy with two-sided altruism, where each generation cares about the utilities of its parental generation, its offspring, and its own. We assu...
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Book Series
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Book
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Chapter
Introduction
This chapter presents a brief overview of the career and main contributions of Professor Jean-Michel Grandmont. It also provides a summarized description of the 16 papers written in his honor by his friends an...
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Chapter
Sunspot Fluctuations in Two-Sector Models with Variable Income Effects
We analyze a version of the Benhabib and Farmer (1996) two-sector model with sector-specific externalities in which we consider a class of utility functions inspired from the one considered in Jaimovich and Rebe...
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Chapter
Homoclinic Orbit and Stationary Sunspot Equilibrium in a Three-Dimensional Continuous-Time Model with a Predetermined Variable
We treat a three-dimensional continuous-time model that includes one predetermined variable and two non-predetermined variables. We assume (1) that the model has a two-dimensional well-located invariant manifo...
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Chapter
Trade and Indeterminacy in a Dynamic General Equilibrium Model
This study investigates the dynamic behavior of multiple countries’ economic activities in a two-good, two-factor model in which factors are internationally immobile and countries’ technologies are subject to ...
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Chapter
Indeterminacy Under Constant Returns to Scale in Multisector Economies
Recently there has been a renewed interest in indeterminacy, or alternatively put, in the existence of a continuum of equilibria in dynamic economies that exhibit some market imperfections. One of the primary ...
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Chapter
Chaotic Solutions in Dynamic Linear Programming
Chaotic phenomena have been observed in various fields of sciences. We are concerned with linear programming (LP) and demonstrate that chaos may emerge as a solution to a dynamic LP problem. For this purpose, ...
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Chapter
Global Externalities, Endogenous Growth and Sunspot Fluctuations
Over the last decade, a large literature has focussed on the existence of local indeterminacy, i.e. a continuum of equilibrium paths converging toward a steady state, and sunspot fluctuations in endogenous gro...
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Chapter
On the Least Upper Bound of Discount Factors that are Compatible with Optimal Period-Three Cycles
In this study, we derive, in the standard class of optimal growth models, the least upper bound of discount factors of future utilities for which a cyclical optimal path of period 3 may emerge.1 On the one han...
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Chapter
A Complete Characterization of Optimal Growth Paths in an Aggregated Model with a Non-Concave Production Function
The convexity of technology has played a crucial role in economic analyses of optimal one-sector growth problems. For example, two of the key results on the traditional model of Ramsey (1928) that have relied ...
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Chapter
Stability of Stochastic Optimal Growth Models: A New Approach
Many economic models are now explicitly dynamic and stochastic. Their state variables evolve in line with the decisions and actions of individual economic agents. These decisions are identified in turn by impo...
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Chapter
Homoclinic Bifurcation and Global Indeterminacy of Equilibrium in a Two-Sector Endogenous Growth Model
If for a given endogenous growth model, there exists a continuum of equilibria in a small neighborhood of a balanced growth path (BGP) that continues to stay in this neighborhood, it is said that equilibrium i...
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Chapter
The Hopf Bifurcation and Existence and Stability of Closed Orbits in Multisector Models of Optimal Economic Growth
The local and global stability of multisector optimal growth models has been extensively studied in the recent literature. Brock and Scheinkman (1976), Cass and Shell (1976), McKenzie (1976), and Scheinkman (1...
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Chapter
Interlinkage in the Endogenous Real Business Cycles of International Economies
International trade interlinks the business cycles of trading countries, as it relates economic activities of agents in one country to those in another. In some cases, as a result of trade, a country’s busines...
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Chapter
Intertemporal Complementarity and Optimality: A Study of a Two-Dimensional Dynamical System
The theory of optimal intertemporal allocation has been developed primarily for the case in which the objective function of the planner or representative agent can be written as
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Chapter
Stochastic Optimal Growth with Nonconvexities
The stochastic optimal growth model (Brock and Mirman 1972) is a foundation stone of modern macroeconomic and econometric research. To accommodate the data, however, economists are often forced to go beyond th...
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Chapter
Indeterminacy and Sunspots with Constant Returns
Recently there has been a renewed interest in the possibility of indeterminacy and sunspots, or alternatively put, in the existence of a continuum of equilibria that arises in dynamic economies with some marke...
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Chapter
Indeterminacy in Discrete-Time Infinite-Horizon Models with Non-linear Utility and Endogenous Labor
Over the last decade, a large number of papers have established the fact that locally indeterminate equilibria and sunspots fluctuations may arise in infinite-horizon growth models with external effects in pro...
