Homoclinic Bifurcation and Global Indeterminacy of Equilibrium in a Two-Sector Endogenous Growth Model

Paolo Mattana (), Kazuo Nishimura and Tadashi Shigoka
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Paolo Mattana: University of Cagliari

Chapter Chapter 18 in Nonlinear Dynamics in Equilibrium Models, 2012, pp 427-451 from Springer

Abstract: Abstract If for a given endogenous growth model, there exists a continuum of equilibria in a small neighborhood of a balanced growth path (BGP) that continues to stay in this neighborhood, it is said that equilibrium is locally indeterminate. Here a small neighborhood of a BGP means the region in which results based on linear approximations of equilibrium dynamics on the BGP are qualitatively valid.

Keywords: Periodic Orbit; Homoclinic Orbit; Transversality Condition; Homoclinic Bifurcation; Endogenous Growth Model (search for similar items in EconPapers)
Date: 2012
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Journal Article: Homoclinic bifurcation and global indeterminacy of equilibrium in a two‐sector endogenous growth model (2009)
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DOI: 10.1007/978-3-642-22397-6_18

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