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  • © 2012

Nonlinear Dynamics in Equilibrium Models

Chaos, Cycles and Indeterminacy

  • A unique collection of Kazuo Nishimura's most important papers

  • Includes a detailed treatment of nonlinear dynamics in many key growth models

  • Provides researchers with extensive background on endogenous cycles and indeterminacy

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eBook USD 139.00
Price excludes VAT (USA)
  • ISBN: 978-3-642-22397-6
  • Instant PDF download
  • Readable on all devices
  • Own it forever
  • Exclusive offer for individuals only
  • Tax calculation will be finalised during checkout
Softcover Book USD 179.99
Price excludes VAT (USA)
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Table of contents (19 chapters)

  1. Front Matter

    Pages i-xi
  2. Introduction

    • John Stachurski, Alain Venditti, Makoto Yano
    Pages 1-12Open Access
  3. Non-linear Dynamics in the Infinite Time Horizon Model

    • Kazuo Nishimura, Gerhard Sorger
    Pages 13-47
  4. Optimal Growth and Endogenous Cycles

    1. Front Matter

      Pages 49-49
    2. Competitive Equilibrium Cycles

      • Jess Benhabib, Kazuo Nishimura
      Pages 75-96
  5. Optimal Growth and Chaotic Dynamics

    1. Front Matter

      Pages 125-125
    2. Non-linear Dynamics and Chaos in Optimal Growth: An Example

      • Kazuo Nishimura, Makoto Yano
      Pages 127-150
    3. Chaotic Solutions in Dynamic Linear Programming

      • Kazuo Nishimura, Mokoto Yano
      Pages 151-164
  6. Global Dynamics in Optimal Growth Models

    1. Front Matter

      Pages 193-193
  7. Dynamic Models with Non-concave Technologies

    1. Front Matter

      Pages 235-235
  8. Stochastic Optimal Growth Models

    1. Front Matter

      Pages 259-259
    2. Stochastic Optimal Growth with Nonconvexities

      • Kazuo Nishimura, Ryszard Rudnicki, John Stachurski
      Pages 261-288
    3. Stability of Stochastic Optimal Growth Models: A New Approach

      • Kazuo Nishimura, John Stachurski
      Pages 289-307
  9. Indeterminacy in Exogenous Growth Models

    1. Front Matter

      Pages 309-309
    2. Indeterminacy and Sunspots with Constant Returns

      • Jess Benhabib, Kazuo Nishimura
      Pages 311-346

About this book

Optimal growth theory studies the problem of efficient resource allocation over time, a fundamental concern of economic research. Since the 1970s, the techniques of nonlinear dynamical systems have become a vital tool in optimal growth theory, illuminating dynamics and demonstrating the possibility of endogenous economic fluctuations. Kazuo Nishimura's seminal contributions on business cycles, chaotic equilibria and indeterminacy have been central to this development, transforming our understanding of economic growth, cycles, and the relationship between them. The subjects of Kazuo's analysis remain of fundamental importance to modern economic theory. This book collects his major contributions in a single volume. Kazuo Nishimura has been recognized for his contributions to economic theory on many occasions, being elected fellow of the Econometric Society and serving as an editor of several major journals.

Chapter “Introduction” is available open access under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License via link.springer.com.

Keywords

  • Endogenous Cycles
  • Growth Theory
  • Indeterminacy
  • Nonlinear Dynamics
  • Stability Theory

Reviews

Kazuo Nishimura has made an enormous contribution to nonlinear economic dynamics with his pioneering papers and a sequence of subsequent studies on the subject.  This beautifully edited book should help readers to follow optimal paths to many fundamental results in that field.

Takashi Negishi, The Japan Academy

  

Since the late 70s, Kazuo Nishimura has been a leader in the use of non-linear dynamics in economic theory. Several of the papers reproduced in this volume are essential reading for graduate students and researchers working in optimal growth theory.

Jose A. Scheinkman, Theodore Wells '29 Professor of Economics at Princeton University

 

Kazuo Nishimura is a recognized standard-bearer of Economic Theory, a giant of his Japanese generation. This well-chosen collection of articles is indicative of his admirable range, and contains his explorations of some of the deeper themes in dynamic economics:

complexity, discounting and indeterminacy. The editors should be congratulated on their efforts to make these durable pieces easily accessible for future researchers. This is a real tribute to a dedicated scholar. 

Mukul Majumdar, H.T. and R.I. Warshow Professor of Economics, Cornell University.

 

Kazuo Nishimura is clearly one of the very few great economic theorists who have profoundly influenced our understanding of the dynamics of our economies. Making available this collection of his contributions to the field is an important service to our economic profession. This book should be very useful, in particular for younger researchers, who should greatly benefit from his vision. It should help them to contribute further to our understanding of this essential field”.

Jean-Michel Grandmont, ICEF, Department of economics University Ca' Foscari di Venezia at San Giobbe and CREST-GRECSTA, MALAKOFF

Editors and Affiliations

  • , Research School of Economics, Australian National University, Canberra, Australia

    John Stachurski

  • , GREQAM, National Center for Scientific Research, Marseille, France

    Alain Venditti

  • Faculty of Economics, Kyoto University, Kyoto, Japan

    Makoto Yano

About the editors

Makoto Yano is the director of the Institute for Economic Research at Kyoto University.  He has served as president of the Japanese Economic Association, and on the editorial board of many leading journals.  He has co-authored several of Kazuo Nishimura's seminal contributions to economic theory.

 

Alain Venditti is a director of research at the CNRS (Centre National de Recherche Scientifique), GREQAM (Groupement de Recherche en Economie Quantitative d'Aix-Marseille), and an associate professor at EDHEC Business School.  He has collaborated extensively with Kazuo Nishimura, and has published in many leading economics journals.  In 2007 he was awarded the IJET Lionel McKenzie Prize for contributions to economic theory.

 

John Stachurski is a professor at the Research School of Economics, Australian National University.  He has collaborated extensively with Kazuo Nishimura, and has published in many leading economics journals.  In 2005 he was awarded the IJET Lionel McKenzie Prize for contributions to economic theory.

Bibliographic Information

  • Book Title: Nonlinear Dynamics in Equilibrium Models

  • Book Subtitle: Chaos, Cycles and Indeterminacy

  • Editors: John Stachurski, Alain Venditti, Makoto Yano

  • DOI: https://doi.org/10.1007/978-3-642-22397-6

  • Publisher: Springer Berlin, Heidelberg

  • eBook Packages: Business and Economics, Economics and Finance (R0)

  • Copyright Information: Springer-Verlag Berlin Heidelberg 2012

  • Hardcover ISBN: 978-3-642-22396-9Published: 25 January 2012

  • Softcover ISBN: 978-3-642-44622-1Published: 22 February 2014

  • eBook ISBN: 978-3-642-22397-6Published: 25 January 2012

  • Edition Number: 1

  • Number of Pages: XI, 454

  • Topics: Economic Growth

Buying options

eBook USD 139.00
Price excludes VAT (USA)
  • ISBN: 978-3-642-22397-6
  • Instant PDF download
  • Readable on all devices
  • Own it forever
  • Exclusive offer for individuals only
  • Tax calculation will be finalised during checkout
Softcover Book USD 179.99
Price excludes VAT (USA)
Hardcover Book USD 179.99
Price excludes VAT (USA)