The Hopf Bifurcation and Existence and Stability of Closed Orbits in Multisector Models of Optimal Economic Growth

Jess Benhabib and Kazuo Nishimura

Chapter Chapter 3 in Nonlinear Dynamics in Equilibrium Models, 2012, pp 51-73 from Springer

Abstract: Abstract The local and global stability of multisector optimal growth models has been extensively studied in the recent literature. Brock and Scheinkman (1976), Cass and Shell (1976), McKenzie (1976), and Scheinkman (1976) have established strong results about global stability that require a small rate of discount. Burmeister and Graham (1973), Araujo and Scheinkman (1977), Magill (1977), and Scheinkman (1978) have established conditions that yield stability conditions independently of the rate of discount.

Keywords: Hopf Bifurcation; Optimal Path; Closed Orbit; Characteristic Exponent; Positive Real Part (search for similar items in EconPapers)
Date: 2012
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Journal Article: The hopf bifurcation and the existence and stability of closed orbits in multisector models of optimal economic growth (1979)
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DOI: 10.1007/978-3-642-22397-6_3

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