On the Transition from Local Regular to Global Iregular Fluctuations

Patrick Pintus (), D. Sands and R. de Vilder

Working Papers from Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor.

Abstract: We present a general framework for understanding the transition from local regular to global irregular (chaotic) behavior of nonlinear dynamical models in discrete time. The fundamental mechanism is the unfolding of quadratic tangencies between the stable and the unstable manifolds of periodic saddle points. To illustrate the relevance of the presented methods for analyzing globally a class of dynamic economic models, we apply them to the finite horizon model of Woodford.

Keywords: DYNAMIC ANALYSIS; ECONOMETRICS (search for similar items in EconPapers)
JEL-codes: C61 C62 (search for similar items in EconPapers)
Date: Written
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Related works:
Working Paper: On the Transition from Local Regular to Global Irregular Fluctuations
Working Paper: On the transition from local regular to global irregular fluctuations (1996)
Working Paper: On the transition from local regular to global irregular fluctuations (1998)
Journal Article: On the transition from local regular to global irregular fluctuations (2000)
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Persistent link: http://EconPapers.repec.org/RePEc:fth:pnegmi:9818

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