Consumer sentiment and business cycles: a Neimark-Sacker bifurcation scenario

Autor(en): Westerhoff, Frank H.
Stichwörter: Business & Economics; Economics
Erscheinungsdatum: 2008
Herausgeber: ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
Journal: APPLIED ECONOMICS LETTERS
Volumen: 15
Ausgabe: 15
Startseite: 1201
Seitenende: 1205
Zusammenfassung: 
We seek to demonstrate that consumer sentiment may create fluctuations in economic activity. Our nonlinear discrete-time model possesses, for instance, a Neimark-Sacker bifurcation, after which a stable steady state is replaced by (quasi-)periodic motion. Countercyclical interventions to stabilize the economy may even produce complex (chaotic) business cycles.
ISSN: 13504851
DOI: 10.1080/13504850600993705

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