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Erschienen in:
1994 | OriginalPaper | Buchkapitel
Chaotic Dynamics in a Two-Dimensional Overlapping Generation Model: A Numerical Investigation
verfasst von : Cars H. Hommes, Sebastian J. Van Strien, Robin G. De Vilder
Erschienen in: Predictability and Nonlinear Modelling in Natural Sciences and Economics
Verlag: Springer Netherlands
Enthalten in: Professional Book Archive
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Grandmont (1985) showed that in a 1-dimensional overlapping generations (OLG-) model chaotic fluctuations can occur, when the traders offer curve is highly nonlinear due to a very strong income effect. We present a numerical investigation of the global dynamics of a 2-dimensional OLG-model as introduced by Grandmont (1992). Chaotic output fluctuations already arise when the income effect is not too strong.