The macroeconomic concept of "stabilization policy" implicitly assumes that the macroeconomy is unstable without imposition of a policy. Hence selection of a "stabilization policy" can be viewed as selection of a policy to bifurcate the system from an unstable to a stable operating regime. The...

Grandmont (1985) found that the parameter space of the most classical dynamic general-equilibrium macroeconomic models are stratified into an infinite number of subsets supporting an infinite number of different kinds of dynamics, from monotonic stability at one extreme to chaos at the other...

Euler equation models represent an important class of macroeconomic systems. Our research on the Leeper and Sims Euler equations macroeconomic model reveals the existence of singularity-induced bifurcations, when the model's parameters are within a confidence region about the parameter...

equation models represent an important class of macroeconomic systems. Our ongoing research (He and Barnett (2003)) on the Leeper and Sims (1994) Euler equations macroeconometric model is revealing the existence of singularity-induced bifurcations, when the model¡¯s parameters are within a...

There has been increasing interest in continuous-time macroeconomic models. This research investigates bifurcation phenomena in a continuous-time model of the United Kingdom. We choose a particularly well-regarded continuous-time macroeconometric model to assure the empirical and potential...

In a recent paper, we studied bifurcation phenomena in continuous time macroeconometric models. The objective was to explore the relevancy of Grandmont's (1985) findings to models permitting more reasonable elasticities than were possible in Grandmont's Cobb Douglas overlapping generations...

In an attempt to resolve the controversies that exist within the field of economics regarding nonlinearity, chaos, and bifurcation, we investigate the relevancy to these controversies of a controlled competition among nonparametric econometric tests for nonlinearity and chaos, and we also report...

I have been invited to write an essay on my experiences as founder and editor of the Cambridge University Press journal, Macroeconomic Dynamics. I have decided to focus the essay on my experiences in starting up the journal. Few economists, who have not themselves started up a new journal, are...

While credit cards provide transaction services, as do currency and demand deposits, credit cards have never been included in measures of the money supply. The reason is accounting conventions, which do not permit adding liabilities, such as credit card balances, to assets, such as money. But...

This survey provides an overview of the classes of macroeconometric models for which these experiments have so far been run and emphasizes the implications for lack of robustness of conventional dynamical inferences from macroeconometric policy simulations. By making this detailed survey of past...