Complex Systems Approach to Economic Dynamics

Economic Systems exhibit complex dynamics evidenced by large-amplitude and aperiodic fluctuations in economic variables, such as foreign exchange rates and stock market prices, indicating that these systems are driven far from the equilibrium. Characterization of the complex behavior of economic cycles, by identifying regular and irregular patterns and regime switching in economic time series, is the key for pattern recognition and forecasting of economic cycles. Statistical analysis of stock markets and foreign exchange markets has demonstrated the intermittent nature of economic time series. A nonlinear model of business cycles is able to simulate intermittency arising from order-chaos and chaos-chaos transitions. This monograph introduces new concepts of unstable periodic orbits and chaotic saddles which are unstable structures embedded in a chaotic attractor, responsible for economic intermittency.

List of contents

Nonlinear Dynamics of Economic Cycles.- Type-I Intermittency in Nonlinear Economic Cycles.- Crisis-Induced Intermittency in Nonlinear Economic Cycles.- Attractor Merging Crisis in Nonlinear Economic Cycles.- Chaotic Transients in Nonlinear Economic Cycles.- Conclusion.

Product details

• Authors: Abraham C. -L. Chian, Abraham C.-L. Chian
• Publisher: Springer, Berlin
• Languages: English
• Product format: Paperback / Softback
• Released: 13.07.2007
• EAN: 9783540397526
• ISBN: 978-3-540-39752-6
• No. of pages: 101
• Weight: 192 g
• Illustrations: X, 101 p.
• Series: Lecture Notes in Economics and Mathematical Systems
• Subjects: Social sciences, law, business > Business > Economics; B, macroeconomics, Economics and Finance, Economic Theory, Macroeconomics and Monetary Economics, Macroeconomics/Monetary Economics//Financial Economics, Game Theory, Economics, Social and Behav. Sciences, game theory, Complex systems, Theoretical, Mathematical and Computational Physics, Systems Theory, Control, Monetary Economics, Management science, Dynamical systems, Quantitative Economics, Economic Theory/Quantitative Economics/Mathematical Methods, System Theory, Cybernetics & systems theory, Dynamics & statics, Statistical physics, Statistical Physics and Dynamical Systems