Essays in Economic Dynamics

1. Front Matter

   Pages i-viii

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2. Methodological Issue

   1. Front Matter

      Pages 1-1

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   2. Simonian Bounded Rationality and Complex Behavioral Economics

      • J. Barkley Rosser Jr., Marina V. Rosser

      Pages 3-22

   3. An Alternative Proof of the Theorem of Woodford on the Existence of a Sunspot Equilibrium in a Continuous-Time Model

      • Kazuo Nishimura, Tadashi Shigoka

      Pages 23-32

3. Microeconomics Models

   1. Front Matter

      Pages 33-33

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   2. Hotelling Duopoly Revisited

      • Tönu Puu

      Pages 35-55

   3. Learning in Monopolies with Delayed Price Information

      • Akio Matsumoto, Ferenc Szidarovszky

      Pages 57-79

   4. Different Modelling Approaches for Time Lags in a Monopoly

      • Luca Gori, Luca Guerrini, Mauro Sodini

      Pages 81-98

   5. Dynamic Oligopoly Models with Production Adjustment and Investment Costs

      • Akio Matsumoto, Ugo Merlone, Ferenc Szidarovszky

      Pages 99-109

   6. A Stylized Model for Long-Run Index Return Dynamics

      • Natascia Angelini, Giacomo Bormetti, Stefano Marmi, Franco Nardini

      Pages 111-122

   7. A Non-Walrasian Microeconomic Foundation of the “Profit Principle” of Investment

      • Hiroki Murakami

      Pages 123-141

4. Macroeconomic Models

   1. Front Matter

      Pages 143-143

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   2. The Stability of Normal Equilibrium Point and the Existence of Limit Cycles in a Simple Keynesian Macrodynamic Model of Monetary Policy

      • Toichiro Asada, Michal Demetrian, Rudolf Zimka

      Pages 145-162

   3. Pathology in the Market Economy: Self-fulfilling Process to Chronic Slump

      • Akitaka Dohtani

      Pages 163-189

   4. Delay Kaldor–Kalecki Model Revisited

      • Akio Matsumoto, Ferenc Szidarovszky

      Pages 191-206

   5. Two Time Lags in the Public Sector: Macroeconomic Stability and Complex Behaviors

      • Eiji Tsuzuki

      Pages 207-224

   6. Liquidity Shock, Animal Spirits and Bank Runs

      • Huang Weihong, Huang Qiao

      Pages 225-243

   7. A Mathematical Note on Stabilization Policy and Dynamic Inefficiency

      • Masahiro Yabuta

      Pages 245-258

This book reflects the state of the art in nonlinear economic dynamics, providing a broad overview of dynamic economic models at different levels. The wide variety of approaches ranges from theoretical and simulation analysis to methodological study. In particular, it examines the local and global asymptotical behavior of both macro- and micro- level mathematical models, theoretically as well as using simulation. It also focuses on systems with one or more time delays for which new methodology has to be developed to investigate their asymptotic properties. The book offers a comprehensive summary of the existing methodology with extensions to the more complex model variants, since considerations on bounded rationality of complex economic behavior provide the foundation underlying choice-theoretic and policy-oriented studies of macro behavior, which impact the real macro economy. It includes 13 chapters addressing traditional models such as monopoly, duopoly and oligopoly in microeconomics and Keynesian, Goodwinian, and Kaldor–Kaleckian models in macroeconomics. Each chapter presents new aspects of these traditional models that have never been seen before. This work renews the past wisdom and reveals tomorrow's knowledge.

• Economic Modeling
• Dynamic Analysis in Continuous- time and Discrete-time Scales
• Time Delay
• Bifurcation Analysis
• Theoretical and Simulation Study

• Department of Economic, Chuo University Department of Economic, Hachioji, Japan

  Akio Matsumoto

• University of Pecs , Pecs, Hungary

  Ferenc Szidarovszky

• Faculty of Economics, Chuo University Faculty of Economics, Hachioji, Japan

  Toichiro Asada

Akio Matsumoto, Chuo university
 
Ferenc Szidarovszky, University of  Pécs
 
Toichiro Asada, Chuo University

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