de…fined, while the backward dynamics is well de…fined. We derive properties of the global forward equilibrium paths … based on properties of the backward dynamics. We propose the framework of iterated function systems (IFS) to describe the … generations (OLG)-model. We show that, if the backward dynamics is chaotic and has a homoclinic orbit (a "snap-back repeller") the …

equilibria is multi-valued going forward in time, but single-valued going backward in time, i.e., the model has backward dynamics …

Until very recently, the pervasive existence of models exhibiting well-defined backward dynamics but ill … existence of symmetry between forward and backward dynamics, even in the case when the map cannot be invertible either forward …

models characterized by backward dynamics. …