Includes bibliographical references. I. Self-fulfilling Expectations and Sunspots.- Assessing the Local Stability Properties of Discrete Three-Dimensional Dynamical Systems: a Geometrical Approach with Triangles and Planes & an Application with some Cones.- From Sunspots to Black Holes: Singular Dynamics in Macroeconomic Models.- Sunspot Fluctuations in Two-Sector Models with Variable Income Effects.- A Survey on Self-Fulfilling Mistakes.- Regime-Switching Sunspot Equilibria in a One-Sector Growth Model with Aggregate Decreasing Returns and Small Externalities.- Equilibrium Dynamics in a Two-Sector OLG Model with Liquidity Constraint.- Sunspots and Homoclinic Bifurcations in Continuous-Time Endogenous Growth Models.- II. Bubbles and Stabilizing Policy.- Rational Land and Housing Bubbles in Infinite-Horizon Economies.- The Stabilizing Virtues of Monetary Policy on Endogenous Bubble Fluctuations.- Can Consumption Taxes Stabilize the Economy in the Presence of Consumption Externalities?.- III. Growth.- Uncertainty and Sentiment-Driven Equilibria.- Technological Progress, Employment and the Lifetime of Capital.- Nonbalanced Growth in a Neoclassical Two-sector Optimal Growth Model.- IV. General Equilibrium.- An Argument for Positive Nominal Interest.- Winners and Losers from Price-Level Volatility: Money Taxation and Information Frictions.- A Note on Information, Trade and Common Knowledge.
Summary:
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.
This resource is supported by the Institute of Museum and Library Services under the provisions of the Library Services and Technology Act as administered by State Library of Iowa.