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Chaos in economic models with exogenous shocks
Date
2014-10-01
Author
Akhmet, Marat
Akhmetova, Zhanar
Fen, Mehmet Onur
Metadata
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Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License
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We investigate the generation of chaos in economic models through exogenous shocks. The perturbation is formulated as a pulse function where either values or instants of discontinuity are chaotically behaved. We provide a rigorous proof of the existence of chaos in the perturbed model. The analytical results are applied to Kaldor-Kalecki-type models of the aggregate economy subject to export and rainfall shocks, respectively. Simulations are used to demonstrate the emergence and the control of chaos. Our results shed light on a novel source of chaos in economic models and have important implications for policy-making.
Subject Keywords
Economics and Econometrics
,
Organizational Behavior and Human Resource Management
URI
https://hdl.handle.net/11511/39199
Journal
JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION
DOI
https://doi.org/10.1016/j.jebo.2014.06.008
Collections
Department of Mathematics, Article
Citation Formats
IEEE
ACM
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MLA
BibTeX
M. Akhmet, Z. Akhmetova, and M. O. Fen, “Chaos in economic models with exogenous shocks,”
JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION
, vol. 106, pp. 95–108, 2014, Accessed: 00, 2020. [Online]. Available: https://hdl.handle.net/11511/39199.