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Competitive Equilibrium Cycles

  • Jess Benhabib
  • Kazuo Nishimura
Chapter

Abstract

Recently there has been a surge of interest in endogenous business cycles that arise in competitive laissez-faire economies. In the context of standard overlapping generations economies, conditions for the existence of equilibrium cycles have been given by Grandmont (1983) and by Benhabib and Day (1982). Models of the economy with extrinsic uncertainty or “sunspots” that have been developed by Shell (1977) and by Cass and Shell (1983) (see also Balasko (1983)) can also lead to equilibrium cycles.

Keywords

Optimal Path Periodic Point Capital Good Periodic Cycle Consumption Good 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer-Verlag Berlin Heidelberg 2012

Authors and Affiliations

  1. 1.Department of EconomicsNew York UniversityNew YorkUSA
  2. 2.Institute of Economic ResearchKyoto UniversityKyotoJapan

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