Nonlinear Dynamics in Equilibrium Models: Chaos, Cycles and Indeterminacy

Overview

Optimal growth theory studies the problem of efficient resource allocation over time, a fundamental concern of economic research. Since the 1970s, the techniques of nonlinear dynamical systems have become a vital tool in optimal growth theory, illuminating dynamics and demonstrating the possibility of endogenous economic fluctuations. Kazuo Nishimura's seminal contributions on business cycles, chaotic equilibria and indeterminacy have been central to this development, transforming our understanding of economic ...

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Overview

Optimal growth theory studies the problem of efficient resource allocation over time, a fundamental concern of economic research. Since the 1970s, the techniques of nonlinear dynamical systems have become a vital tool in optimal growth theory, illuminating dynamics and demonstrating the possibility of endogenous economic fluctuations. Kazuo Nishimura's seminal contributions on business cycles, chaotic equilibria and indeterminacy have been central to this development, transforming our understanding of economic growth, cycles, and the relationship between them. The subjects of Kazuo's analysis remain of fundamental importance to modern economic theory. This book collects his major contributions in a single volume. Kazuo Nishimura has been recognized for his contributions to economic theory on many occasions, being elected fellow of the Econometric Society and servingas an editor of several major journals.

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What People Are Saying

From the Publisher
Kazuo Nishimura has made an enormous contribution to nonlinear economic dynamics with his pioneering papers and a sequence of subsequent studies on the subject. This beautifully edited book should help readers to follow optimal paths to many fundamental results in that field.

Takashi Negishi, The Japan Academy

Since the late 70s, Kazuo Nishimura has been a leader in the use of non-linear dynamics in economic theory. Several of the papers reproduced in this volume are essential reading for graduate students and researchers working in optimal growth theory.

Jose A. Scheinkman, Theodore Wells '29 Professor of Economics at Princeton University

Kazuo Nishimura is a recognized standard-bearer of Economic Theory, a giant of his Japanese generation. This well-chosen collection of articles is indicative of his admirable range, and contains his explorations of some of the deeper themes in dynamic economics:

complexity, discounting and indeterminacy. The editors should be congratulated on their efforts to make these durable pieces easily accessible for future researchers. This is a real tribute to a dedicated scholar.

Mukul Majumdar, H.T. and R.I. Warshow Professor of Economics, Cornell University.

Kazuo Nishimura is clearly one of the very few great economic theorists who have profoundly influenced our understanding of the dynamics of our economies. Making available this collection of his contributions to the field is an important service to our economic profession. This book should be very useful, in particular for younger researchers, who should greatly benefit from his vision. It should help them to contribute further to our understanding of this essential field”.

Jean-Michel Grandmont, ICEF, Department of economics University Ca' Foscari di Venezia at San Giobbe and CREST-GRECSTA, MALAKOFF

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Product Details

  • ISBN-13: 9783642446221
  • Publisher: Springer Berlin Heidelberg
  • Publication date: 8/11/2014
  • Edition description: 2012
  • Pages: 456
  • Product dimensions: 6.14 (w) x 9.21 (h) x 0.94 (d)

Meet the Author

Makoto Yano is the director of the Institute for Economic Research at Kyoto University. He has served as president of the Japanese Economic Association, and on the editorial board of many leading journals. He has co-authored several of Kazuo Nishimura's seminal contributions to economic theory.

Alain Venditti is a director of research at the CNRS (Centre National de Recherche Scientifique), GREQAM (Groupement de Recherche en Economie Quantitative d'Aix-Marseille), and an associate professor at EDHEC Business School. He has collaborated extensively with Kazuo Nishimura, and has published in many leading economics journals. In 2007 he was awarded the IJET Lionel McKenzie Prize for contributions to economic theory.

John Stachurski is a professor at the Research School of Economics, Australian National University. He has collaborated extensively with Kazuo Nishimura, and has published in many leading economics journals. In 2005 he was awarded the IJET Lionel McKenzie Prize for contributions to economic theory.

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Table of Contents

Optimal Growth and Endogenous Cycles.- Optimal Growth and Chaotic Dynamics.- Global Dynamics in Optimal Growth Models.- Dynamic Models with Non-concave Technologies.- Shastic Optimal Growth Models.- Indeterminancy in Exogenous Growth Models.- Interdeterminancy in Endogenous Growth Models.

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