Synopses & Reviews
Optimal growth theory studies the problem of efficient resource allocation over time, a fundamental concern of economic research. Since the 1970s, the techniques of nonlinear dynamical systems have become a vital tool in optimal growth theory, illuminating dynamics and demonstrating the possibility of endogenous economic fluctuations. Kazuo Nishimura's seminal contributions on business cycles, chaotic equilibria and indeterminacy have been central to this development, transforming our understanding of economic growth, cycles, and the relationship between them. The subjects of Kazuo's analysis remain of fundamental importance to modern economic theory. This book collects his major contributions in a single volume. Kazuo Nishimura has been recognized for his contributions to economic theory on many occasions, being elected fellow of the Econometric Society and serving as an editor of several major journals.
Review
A unique collection of Kazuo Nishimura's most important papers Includes a detailed treatment of nonlinear dynamics in many key growth models Provides researchers with extensive background on endogenous cycles and indeterminacy Kazuo Nishimura has made an enormous contribution to nonlinear economic dynamics with his pioneering papers and a sequence of subsequent studies on the subject.
About the Author
Makoto Yano is the director of the Institute for Economic Research at Kyoto University.
Table of Contents
Optimal Growth and Endogenous Cycles.- Optimal Growth and Chaotic Dynamics.- Global Dynamics in Optimal Growth Models.- Dynamic Models with Non-concave Technologies.- Stochastic Optimal Growth Models.- Indeterminancy in Exogenous Growth Models.- Interdeterminancy in Endogenous Growth Models.