Nonlinearity and chaos in economic models: implications for policy decisions

James Bullard and Alison Butler

No 1991-002, Working Papers from Federal Reserve Bank of St. Louis

Abstract: This survey paper discusses the policy implications that can be expected from the recent research on nonlinearity and chaos in economic models. Expected policy implications are interpreted as a driving force behind the recent proliferation of research in this area. In general, it appears that no new justification for policy intervention is developed in models of endogenous fluctuations, although this conclusion depends in part on the definition of equilibrium. When justified, however, policy tends to be very effective in these models.

Keywords: Macroeconomics; Economic stabilization (search for similar items in EconPapers)
Date: 1992
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Citations: View citations in EconPapers (5)

Published in The Economic Journal , vol. 103, pp. 849-867 (July 1993)

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Journal Article: Nonlinearity and Chaos in Economic Models: Implications for Policy Decisions (1993)
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DOI: 10.20955/wp.1991.002

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