From sunspots to black holes: Singular dynamics in macroeconomic models

Arbeitspapier

We present conditions for the emergence of singularities in DGE models. We distinguish between slow-fast and impasse singularity types, review geometrical methods to deal with both types of singularity and apply them to DGE dynamics. We find that impasse singularities can generate new types of DGE dynamics, in particular temporary determinacy/indeterminacy. We illustrate the different nature of the two types of singularities and apply our results to two simple models: the Benhabib and Farmer (1994) model and one with a cyclical fiscal policy rule.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Cardiff Economics Working Papers ; No. E2016/6

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Existence and Stability Conditions of Equilibrium ; Market Structure, Pricing, and Design: Oligopoly and Other Forms of Market Imperfection ; Business Fluctuations; Cycles
• Thema: slow-fast singularities ; impasse singularities ; macroeconomic dynamics ; temporary indeterminacy

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Brito, Paulo ; da Costa, Luis Filipe Pereira ; Dixon, Huw David
• Ereignis: Veröffentlichung
• (wer): Cardiff University, Cardiff Business School
• (wo): Cardiff
• (wann): 2016

Weitere Informationen

• Handle: http://hdl.handle.net/10419/174119
• Letzte Aktualisierung: 10.03.2025, 11:41 MEZ