Ergodic chaos in optimal growth models with low discount rates |
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| Authors: | Kazuo Nishimura Gerhard Sorger Makoto Yano |
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| Institution: | (1) Institute of Economic Research, Kyoto University, 606 Kyoto, Japan;(2) Department of Economics, University of Vienna, A-1010 Vienna, Austria;(3) Faculty of Economics, Yokohama National University, 240 Yokohama, Japan |
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| Abstract: | Summary We show that for every discount factor  (0,1) one can find infinitely many strictly concave discrete-time optimal growth models in reduced form which have optimal policy functions exhibiting ergodic chaos. These reduced form models are interpreted in a two-sector optimal growth setting with utility functions depending on consumption as well as on capital.We thank Luigi Montrucchio for pointing out an error in a previous version of the paper. |
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