A note on some properties of the ESTAR model |
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| Authors: | David Chappell David A. Peel |
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| Affiliation: | aDepartment of Economics, University of Sheffield, 9 Mappin Street, Sheffield S1 4DT, UK;bCardiff Business School, University Of Wales, Cardiff, UK |
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| Abstract: | Some properties of ESTAR models are derived. We demonstrate that these models can exhibit chaotic dynamics and multiple equilibria. We show that a nonchaotic deterministic model with added noise can produce a time series that (falsely) appears to be chaotic. |
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| Keywords: | ESTAR models Chaos Multiple equilibria |
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