Economic Complexity: Chaos, Sunspots,

The contents of this volume comprise the proceedings of the International Symposia in Economic Theory and Econometrics conference held in 1987 at the IC^T2 (Innovation, Creativity, and Capital) Institute at the University of Texas at Austin. The essays present fundamental new research on the analysis of complicated outcomes in relatively simple macroeconomic models. The book covers econometric modelling and time series analysis techniques in five parts. Part I focuses on sunspot equilibria, the study of uncertainty generated by nonstochastic economic models. Part II examines the more traditional examples of deterministic chaos: bubbles, instability, and hyperinflation. Part III contains the most current literature dealing with empirical tests for chaos and strange attractors. Part IV deals with chaos and informational complexity. Part V, Nonlinear Econometric Modelling, includes tests for and applications of nonlinearity.

Editor's introduction

vii

List of contributors

x

Part I. Sunspot equilibria

1. Sunspot equilibrium in an overlapping-generations economy with an idealized contingent-commodities market

3

(18)

David Cass and Karl Shell

2. On stationary sunspot equilibria of order k

21

(24)

Pierre-André Chiappori and Roger Guesnerie

3. Local bifurcations and stationary sunspots

45

(16)

Jean-Michel Grandmont

4. On the nonequivalence of the Arrow-securities game and the contingent-commodities game

61

(28)

James Peck and Karl Shell

Part II. Bubbles, instability, and hyperinflation

5. Endogenous financial-production cycles in a macroeconomic model

89

(12)

Duncan K. Foley

6. Speculative bubbles and exchange of information on the market of a storable good

101

(18)

L. Broze, C. Gourieroux, and A. Szafarz

7. Least-squares learning and the dynamics of hyperinflation

119

(22)

Albert Marcet and Thomas J. Sargent

Part III. Empirical tests for chaos

8. A comparison between the conventional econometric approach to structural inference and the nonparametric chaotic attractor approach

141

(72)

William A. Barnett and Seungmook S. Choi

9. Nonlinear dynamics and GNP data

213

José A. Scheinkman and Blake LeBaron

Part IV. Chaos and informational complexity in economic theory

10. Paths of optimal accumulation in two-sector models

231

(22)

Michele Boldrin

11. Economic growth in the very long run: on the multiple-phase interaction of population, technology, and social infrastructure

253

(38)

Richard H. Day and Jean-Luc Walter

12. When are small frictions negligible?

291

(18)

Stephen E. Spear

13. Imperfect financial intermediation and complex dynamics

309

(28)

Michael Woodford

Part V. Nonlinear econometric modeling

14. Modeling with normal polynomial expansions

337

(24)

John Geweke

15. Hysteresis and the evolution of postwar U.S. and U.K. unemployment

361

(22)

James H. Stock

16. Evidence of nonlinearity in the trade-by-trade stock market return generating process

383

Melvin J. Hinich and Douglas M. Patterson

What is included with this book?

The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.

The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.

FREE SHIPPING

Amazon no longer offers textbook rentals. We do!

Economic Complexity: Chaos, Sunspots, Bubbles, and Nonlinearity: Proceedings of the Fourth International Symposium in Economic Theory and Econometrics

Summary

Table of Contents

Supplemental Materials