Shilnikov chaos in the Lucas model of endogenous growth
BELLA, GIOVANNI;MATTANA, PAOLO;VENTURI, BEATRICE
2017-01-01
Abstract
This paper shows that chaotic dynamics and global indeterminacy may characterize the Lucas(1988)endogenous growth model in its local determinacy region of the parameter space. This is achieved by means of the Shilnikov(1965)theorem, which exploits the existence of a family of homoclinic orbits doubly asymptotic to the balanced growth path, when it is a saddle-focus. The economic implications of these results are also discussed.File | Size | Format | |
---|---|---|---|
1-s2.0-S0022053117301023-main.pdf Solo gestori archivio
Type: versione pre-print
Size 1.4 MB
Format Adobe PDF
|
1.4 MB | Adobe PDF | & nbsp; View / Open Request a copy |
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.