Chaotic Equilibrium Dynamics in Endogenous Growth Models |
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| Affiliation: | 1. School of Social and Political Sciences, University of Glasgow, G12 8QQ, UK;2. Adam Smith Business School, University of Glasgow, G12 8QQ, UK;1. Faculty of Economics and Business Administration, Goethe University, Frankfurt, Germany;2. Department of Economics, Korea University, Seoul 02841, South Korea;1. Department of Economics and Boalt School of Law, UC Berkeley and NBER, United States of America;2. UC Berkeley, United States of America;1. Department of Medical Microbiology, Medical University of Warsaw, Poland;2. Department of Medical Microbiology, The Infant Jesus Teaching Hospital, Warsaw, Poland;3. Department of Medical Microbiology, Center of Infectious Diseases, Leiden University Medical Center, Leiden, Netherlands |
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| Abstract: | We study a class of two-sector endogenous growth models in the presence of a positive external effect. The class of models exhibits global indeterminacy of equilibria. The qualitative properties of a set of examples are analyzed by means of analytical and numerical methods. We also construct robust examples of both topological and ergodic chaos. Journal of Economic Literature Classification Numbers: E30, O41. |
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