Ergodic fluctuations in deterministic economic models |
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| Affiliation: | 1. Dipartimento di Matematica, Università di Bari, Via Orabona, Bari 4, I-70125, Italy;2. Dipartimento di Economia, Università di Foggia, Largo Papa Giovanni Paolo II, Foggia 1, I-71121, Italy |
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| Abstract: | Nonperiodic business fluctuations are shown to exist with positive measure generically and to behave like stationary stochastic processes in the standard dynamic macro model. The implication is that so called ‘chaotic’ fluctuations are probable for random initial conditions in a large class of recursive economies. |
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