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Stabilizing chaos in a dynamic macroeconomic model

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1998

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Journal of Economic Behavior and Organization. 1998, 33(3-4), pp. 313-332. Available under: doi: 10.1016/S0167-2681(97)00061-9

Zusammenfassung

Within a macroeconomic disequilibrium model it turns out that stationary and simple adaptive policies are not capable of stabilizing efficient steady states and lead to periodic or irregular fluctuations for large sets of policy parameters. The application of recent control methods for chaotic dynamical systems shows that the government can, in principle, stabilize an unstable Walrasian equilibrium in a short time by varying income tax rates or government expenditures. Different stabilizing policies are analyzed and compared with regard to their efficiency.

Zusammenfassung in einer weiteren Sprache

Fachgebiet (DDC)
330 Wirtschaft

Schlagwörter

Disequilibrium models, Nonlinear dynamics, Stabilization policy, Controlling chaos

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ISO 690KAAS, Leo, 1998. Stabilizing chaos in a dynamic macroeconomic model. In: Journal of Economic Behavior and Organization. 1998, 33(3-4), pp. 313-332. Available under: doi: 10.1016/S0167-2681(97)00061-9
BibTex
@article{Kaas1998Stabi-11750,
  year={1998},
  doi={10.1016/S0167-2681(97)00061-9},
  title={Stabilizing chaos in a dynamic macroeconomic model},
  number={3-4},
  volume={33},
  journal={Journal of Economic Behavior and Organization},
  pages={313--332},
  author={Kaas, Leo}
}
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