Abstract
In this chapter, the intermittent behavior of economic dynamics is studied by a nonlinear model of business cycles. Numerical simulations show that after an economic system evolves from order to chaos, the system keeps its memory before the transition and its time series alternates episodically between periods of low-level apparently periodic (quiescent) and high-level turbulent (bursting) activities. This model of economic intermittency exhibits power-law spectrum similar to the nonlinear time series observed in financial markets.
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© 2007 Springer-Verlag Berlin Heidelberg
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(2007). Type-I Intermittency in Nonlinear Economic Cycles. In: Complex Systems Approach to Economic Dynamics. Lecture Notes in Economics and Mathematical Systems, vol 592. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-540-39753-3_3
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DOI: https://doi.org/10.1007/978-3-540-39753-3_3
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-39752-6
Online ISBN: 978-3-540-39753-3
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