Economics and Complexity

Basil Moore

Chapter 4 in Growth, Employment and Inflation, 1999, pp 41-56 from Palgrave Macmillan

Abstract: Abstract John Cornwall has for some time been interested in a methodology which incorporates the path dependence of macroeconomic phenomena. It is now increasingly accepted that most economic time series are accurately characterized as possessing a unit root. This implies that they do not follow any deterministic trend path, and that any ‘trends’ found are time-dependent. Shocks are permanent in their effects, so that the system does not return to its original trend path.

Keywords: Complex System; Chaotic System; Economic Agent; Economic Time Series; Hide Attractor (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-27393-5_4

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DOI: 10.1007/978-1-349-27393-5_4

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