Competitive Equilibrium Cycles

Jess Benhabib and Kazuo Nishimura

Chapter Chapter 4 in Nonlinear Dynamics in Equilibrium Models, 2012, pp 75-96 from Springer

Abstract: Abstract Recently there has been a surge of interest in endogenous business cycles that arise in competitive laissez-faire economies. In the context of standard overlapping generations economies, conditions for the existence of equilibrium cycles have been given by Grandmont (1983) and by Benhabib and Day (1982). Models of the economy with extrinsic uncertainty or “sunspots” that have been developed by Shell (1977) and by Cass and Shell (1983) (see also Balasko (1983)) can also lead to equilibrium cycles.

Keywords: Optimal Path; Periodic Point; Capital Good; Periodic Cycle; Consumption Good (search for similar items in EconPapers)
Date: 2012
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Journal Article: Competitive equilibrium cycles (1985)
Working Paper: Competitive Equilibrium Cycles (1983)
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DOI: 10.1007/978-3-642-22397-6_4

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