Add to ORKGSummary: In a Hayek-Friedman-Lucas world, market economies are assumed to be natural, stable, and ergodic; hence, government policies are harmful to their efficiency. We develop a nonlinear dissipative dynamic model that shows that market economies instead live on the edge of chaos. We next appeal to the theory of differential equation to show that if they do not usually dissipate the totality of the information produced by their evolution it is due to a far-off self-organized equilibrium brought about by a spontaneous phase change originating in an optimal government policy
The paper shows that in a New Keynesian (NK) model, an active interest rate feed- back monetary poli...
After generalized floating was introduced in 1973, some countries underwent rapid exchange rate depr...
This thesis deals with macroeconomic dynamics. In chapter 1, I study a one-sector growth model withe...
Summary: In a Hayek-Friedman-Lucas world, market economies are assumed to be natural, stable, and er...
A modern market economy is an exceedingly complex, infinite-dimensional, stochastic dynamical system...
Since Lėon Walras neoclassical economists hold an inalterable belief in a unique and stable equilibr...
Purpose – The purpose of this paper is to survey literature on macroeconomic nonlinear dynamics. Des...
Economy is demanding new models, able to understand and predict the evolution of markets. To this re...
It is widely believed that an equilibrium framework based on simple models, such as the representati...
The discovery of economic chaos and dynamic complexity has challenged the very foundation of equilib...
The assumption that markets are positive linear structures moving toward stable fixed-point equilibr...
This survey paper discusses the policy implications that can be expected from the recent research on...
This paper is an up-to-date survey of the state-of-the-art in dynamical systems theory relevant to h...
The paper shows that in a New Keynesian (NK) model, an active interest rate feedback monetary policy...
We examine the quantitative implications of government fiscal policy in a discrete-time one-sector g...
The paper shows that in a New Keynesian (NK) model, an active interest rate feed- back monetary poli...
After generalized floating was introduced in 1973, some countries underwent rapid exchange rate depr...
This thesis deals with macroeconomic dynamics. In chapter 1, I study a one-sector growth model withe...
Summary: In a Hayek-Friedman-Lucas world, market economies are assumed to be natural, stable, and er...
A modern market economy is an exceedingly complex, infinite-dimensional, stochastic dynamical system...
Since Lėon Walras neoclassical economists hold an inalterable belief in a unique and stable equilibr...
Purpose – The purpose of this paper is to survey literature on macroeconomic nonlinear dynamics. Des...
Economy is demanding new models, able to understand and predict the evolution of markets. To this re...
It is widely believed that an equilibrium framework based on simple models, such as the representati...
The discovery of economic chaos and dynamic complexity has challenged the very foundation of equilib...
The assumption that markets are positive linear structures moving toward stable fixed-point equilibr...
This survey paper discusses the policy implications that can be expected from the recent research on...
This paper is an up-to-date survey of the state-of-the-art in dynamical systems theory relevant to h...
The paper shows that in a New Keynesian (NK) model, an active interest rate feedback monetary policy...
We examine the quantitative implications of government fiscal policy in a discrete-time one-sector g...
The paper shows that in a New Keynesian (NK) model, an active interest rate feed- back monetary poli...
After generalized floating was introduced in 1973, some countries underwent rapid exchange rate depr...
This thesis deals with macroeconomic dynamics. In chapter 1, I study a one-sector growth model withe...