Sunspots and Non-Linear Dynamics

1. Front Matter

   Pages i-vi

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2. Introduction

   • Kazuo Nishimura, Alain Venditti, Nicholas C. Yannelis

   Pages 1-11

3. Self-Fulfilling Expectations and Sunspots

   1. Front Matter

      Pages 13-13

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   2. Assessing the Local Stability Properties of Discrete Three-Dimensional Dynamical Systems: A Geometrical Approach with Triangles and Planes and an Application with Some Cones

      • Jean-Paul Barinci, Jean-Pierre Drugeon

      Pages 15-39

   3. From Sunspots to Black Holes: Singular Dynamics in Macroeconomic Models

      • Paulo B. Brito, Luís F. Costa, Huw D. Dixon

      Pages 41-70

   4. Sunspot Fluctuations in Two-Sector Models with Variable Income Effects

      • Frédéric Dufourt, Kazuo Nishimura, Carine Nourry, Alain Venditti

      Pages 71-96

   5. From Self-Fulfilling Mistakes to Behavioral Learning Equilibria

      • Cars Hommes

      Pages 97-123

   6. Regime-Switching Sunspot Equilibria in a One-Sector Growth Model with Aggregate Decreasing Returns and Small Externalities

      • Takashi Kamihigashi

      Pages 125-146

   7. Equilibrium Dynamics in a Two-Sector OLG Model with Liquidity Constraint

      • Antoine Le Riche, Francesco Magris

      Pages 147-174

   8. Homoclinic Orbit and Stationary Sunspot Equilibrium in a Three-Dimensional Continuous-Time Model with a Predetermined Variable

      • Hiromi Murakami, Kazuo Nishimura, Tadashi Shigoka

      Pages 175-200

4. Bubbles and Stabilizing Policy

   1. Front Matter

      Pages 201-201

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   2. Rational Land and Housing Bubbles in Infinite-Horizon Economies

      • Stefano Bosi, Cuong Le Van, Ngoc-Sang Pham

      Pages 203-230

   3. The Stabilizing Virtues of Monetary Policy on Endogenous Bubble Fluctuations

      • Lise Clain-Chamosset-Yvrard, Thomas Seegmuller

      Pages 231-257

   4. Can Consumption Taxes Stabilize the Economy in the Presence of Consumption Externalities?

      • Teresa Lloyd-Braga, Leonor Modesto

      Pages 259-278

5. Growth

   1. Front Matter

      Pages 279-279

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   2. Uncertainty and Sentiment-Driven Equilibria

      • Jess Benhabib, Pengfei Wang, Yi Wen

      Pages 281-304

   3. Technological Progress, Employment and the Lifetime of Capital

      • Raouf Boucekkine, Natali Hritonenko, Yuri Yatsenko

      Pages 305-337

   4. Nonbalanced Growth in a Neoclassical Two-Sector Optimal Growth Model

      • Harutaka Takahashi

      Pages 339-359

6. General Equilibrium

   1. Front Matter

      Pages 361-361

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   2. An Argument for Positive Nominal Interest

      • Gaetano Bloise, Herakles Polemarchakis

      Pages 363-385

This book presents the state-of-the-art in non-linear dynamics and sunspots. These two topics have been the core of an international conference on instability and public policies in a globalized world, organized at Aix-Marseille School of Economics and GREQAM in honor of Jean-Michel Grandmont. He has made significant contributions on general equilibrium theory, monetary theory, learning, aggregation, non-linear dynamics and sunspots. This book assembles contributions by Jean-Michel Grandmont's colleagues, students and friends that have been influenced by his works and that are at the frontier of research in this domain today.

• General equilibrium theory
• Non-linear dynamics
• Sunspots
• Sunspot equilibria
• Growth
• Self-fulfilling expectations
• Bubbles

• Research Institute for Economics and Business Administration, Kobe University, Kobe, Japan

  Kazuo Nishimura

• GREQAM, Marseille, France

  Alain Venditti

• Department of Economics, University of Iowa , Iowa-City, USA

  Nicholas C. Yannelis

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