Money and External Habit Persistence : A Tale for Chaos

Auray, Stéphane, Collard, Fabrice and Fève, Patrick (2002) Money and External Habit Persistence : A Tale for Chaos. Economics Letters, 76 (1). pp. 121-127.

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Official URL: http://tse-fr.eu/pub/2047

Abstract

This paper studies the dynamic properties of a simple monetary economy model with external habit formation, in which money is used for transaction motives. We show that large enough (though reasonable) habit can generate deterministic cycles and chaotic equilibria.

Item Type: Article
Language: English
Date: 2002
Refereed: Yes
Subjects: B- ECONOMIE ET FINANCE
Divisions: TSE-R (Toulouse)
Site: UT1
Date Deposited: 18 Jan 2012 05:46
Last Modified: 07 Mar 2018 13:20
OAI ID: oai:tse-fr.eu:2047
URI: http://publications.ut-capitole.fr/id/eprint/1253

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