Continuous-time sunspot equilibria and dynamics in a model of growth

Article Abstract:

A decentralized growth model with heterogeneous agents is used to determine the existence of stationary sunspot equilibria in a continuous-time, nonstationary environment. The global dynamical components of the equilibria indicate that fluctuating growth can be explained not only by exogenous factors such as monetary and technological inputs but also by endogenous factors such as pessimistic and optimistic expectations and other self-fulfilling prophecies mechanisms. The theory provides an alternative to real business cycles approach to economic growth.

Research, Models, Economic development, Business cycles, Equilibrium (Economics)

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Asymptotic methods for aggregate growth models

Article Abstract:

Discrete- and continuous-time aggregate growth problems can be efficiently addressed through the use of standard asymptotic approximation methods. Such methods are actually carried out by determining the local approximation of policy functions based on steady state problem. The solution is then obtained from the resulting high-degree polynomial or rational functions. Other methods, which likewise produce effectual solutions, are the Pade and Taylor expansion techniques.

Economics, Research and Development in the Social Sciences and Humanities, Analysis, Usage, Set theory, Asymptotic expansions, Economic stagnation, Perturbation (Mathematics)

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