Equilibrium Models of Endogenous Fluctuations: an Introduction
These lectures comment upon recent theoretical modelsof endogenous fluctuations
in economic dynamics, including both the literature on nonlinear deterministic cycles arid
the literature on "sunspot equilibria". Two important themes include (1) reasons to be
interested in models of purely endogenous fluctuations, even though actual economics are
admittedly subject to exogenous stochastic shocks; and (2) the importance ofmarket
imperfections in making possible equilibria characterized by endogenous fluctuations of
either of the two types.
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