Sunspots and Non-Linear Dynamics
Essays in Honor of Jean-Michel Grandmont

Editors: Kazuo Nishimura, Alain Venditti, Nicholas C. Yannelis



Presents the state-of-the-art in non-linear dynamics and sunspots

Dedicated to Jean-Michel Grandmont who has significantly influenced research in this field

Assembles contributions from an international conference at Marseille School of Economics and GREQAM

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.

Table of contents (17 chapters)

Front Matter
Pages i-vi

Introduction
Pages 1-11

Self-Fulfilling Expectations and Sunspots
Front Matter
Pages 13-13
Assessing the Local Stability Properties of Discrete Three-Dimensional Dynamical Systems: A Geometrical Approach with Triangles and Planes and an Application with Some Cones
Pages 15-39
From Sunspots to Black Holes: Singular Dynamics in Macroeconomic Models
Pages 41-70
Sunspot Fluctuations in Two-Sector Models with Variable Income Effects
Pages 71-96
From Self-Fulfilling Mistakes to Behavioral Learning Equilibria
Pages 97-123
Regime-Switching Sunspot Equilibria in a One-Sector Growth Model with Aggregate Decreasing Returns and Small Externalities
Pages 125-146
Equilibrium Dynamics in a Two-Sector OLG Model with Liquidity Constraint
Pages 147-174
Homoclinic Orbit and Stationary Sunspot Equilibrium in a Three-Dimensional Continuous-Time Model with a Predetermined Variable
Pages 175-200

Bubbles and Stabilizing Policy
Front Matter
Pages 201-201
Rational Land and Housing Bubbles in Infinite-Horizon Economies
Pages 203-230
The Stabilizing Virtues of Monetary Policy on Endogenous Bubble Fluctuations
Pages 231-257
Can Consumption Taxes Stabilize the Economy in the Presence of Consumption Externalities?
Pages 259-278

Growth
Front Matter
Pages 279-279
Uncertainty and Sentiment-Driven Equilibria
Pages 281-304
Technological Progress, Employment and the Lifetime of Capital
Pages 305-337
Nonbalanced Growth in a Neoclassical Two-Sector Optimal Growth Model
Pages 339-359

General Equilibrium
Front Matter
Pages 361-361
An Argument for Positive Nominal Interest
Pages 363-385
Winners and Losers from Price-Level Volatility: Money Taxation and Information Frictions
Pages 387-402
A Note on Information, Trade and Common Knowledge
Pages 403-409



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