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What is Chaos in Economic Dynamical Models about?
This document summarizes three economic models that exhibit chaotic behavior: 1. A simple supply and demand model is shown to display chaos for certain parameter values, such as high values of μ that correspond to a steep supply curve. 2. An endogenous fluctuations model of a monetary economy is analyzed, with the goal of proving chaos can exist internally within the economy. 3. A third model examines the relationship between unemployment and inflation and how it too may exhibit chaotic behavior.
- Author
- Complejidady Economía
- Language
- EN