Sunspots and Hopf bifurcations in continuous time endogenous growth models

Kazuo Nishimura and Tadashi Shigoka

International Journal of Economic Theory, 2006, vol. 2, issue 3‐4, 199-216

Abstract: First we treat a three‐dimensional continuous time abstract stationary model that includes one predetermined variable and two non‐predetermined variables. We construct stationary sunspot equilibria in this model under the following two alternative conditions: (i) a steady state has two stable roots and one unstable root; and (ii) A closed orbit has a two‐dimensional manifold on which it is asymptotically stable. Next, we apply these results to the models due to Lucas and Romer that undergo Hopf bifurcations for some parameter values. We construct sunspot equilibria in these models.

Date: 2006
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14)

Downloads: (external link)
https://doi.org/10.1111/j.1742-7363.2006.0033.x

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:ijethy:v:2:y:2006:i:3-4:p:199-216

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=1742-7355

Access Statistics for this article

International Journal of Economic Theory is currently edited by Kazuo Nishimura and Makoto Yano

More articles in International Journal of Economic Theory from The International Society for Economic Theory
Bibliographic data for series maintained by Wiley Content Delivery ().