Singularity Bifurcation

Yijun He and William Barnett
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Yijun He: Washington State University

Macroeconomics from University Library of Munich, Germany

Abstract: Euler equation models represent an important class of macroeconomic systems. Our ongoing research (He and Barnett (2003)) on the Leeper and Sims (1994) Euler equations macroeconometric model is revealing the existence of singularity-induced bifurcations, when the model’s parameters are within a confidence region about the parameter estimates. Although known to engineers, singularity bifurcation has not previously been seen in the economics literature. Knowledge of the nature of singularity-induced bifurcations is likely to become important in understanding the dynamics of modern macroeconometric models. This paper explains singularity-induced bifurcation, its nature, and its identification and contrasts this class of bifurcations with the more common forms of bifurcation we have previously encountered within the parameter space of the Bergstrom and Wymer (1976) continuous time macroeconometric model of the UK economy. (See, e.g., Barnett and He (1999, 2002)).

Keywords: bifurcation; macroeconometrics; dynamics; nonlinearity; singularity (search for similar items in EconPapers)
JEL-codes: C14 C22 E32 E37 (search for similar items in EconPapers)
Pages: 42 pages
Date: 2004-09-28, Revised 2004-10-13
New Economics Papers: this item is included in nep-mac
Note: Type of Document - pdf; pages: 42
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Related works:
Journal Article: Singularity bifurcations (2006)
Working Paper: SINGULARITY BIFURCATIONS (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpma:0409024

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