Full Text Available
Note: Clicking the button above will open the full text document at the original institutional repository in a new window.
Extrinsic uncertainty, ergodic chaos and monetary policy in two intertemporal economic models
Includes bibliographical references
Saved in:
| Main Author: | |
|---|---|
| Other Authors: | |
| Format: | Thesis |
| Language: | English |
| Published: |
School of Economics
2015
|
| Subjects: | |
| Tags: |
No Tags, Be the first to tag this record!
|
| _version_ | 1867613156070653952 |
|---|---|
| access_status_str | Open Access |
| author | Charlton, Richard Michael |
| author2 | Haim, Abraham |
| author_browse | Charlton, Richard Michael Haim, Abraham |
| author_facet | Haim, Abraham Charlton, Richard Michael |
| author_sort | Charlton, Richard Michael |
| collection | Thesis |
| description | Includes bibliographical references |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/12757 |
| institution | University of Cape Town (South Africa) |
| language | eng |
| last_indexed | 2026-06-10T12:31:38.662Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2015 |
| publishDateRange | 2015 |
| publishDateSort | 2015 |
| publisher | School of Economics |
| publisherStr | School of Economics |
| record_format | dspace |
| source_str | UCTD — University of Cape Town Open Access Repository |
| spelling | oai:open.uct.ac.za:11427/12757 Extrinsic uncertainty, ergodic chaos and monetary policy in two intertemporal economic models Charlton, Richard Michael Haim, Abraham Economics Includes bibliographical references The thesis examines extrinsic uncertainty and ergodic chaos in two types of intertemporal economic models. The thesis is divided into four chapters. In the first chapter the existence of extrinsic uncertainty also known as sunspots is analysed within the framework of a single commodity two-period pure exchange over lapping generations model. Transversality techniques are utilised to show that extrinsically uncertain equilibria are locally generic in the space of endowments. An application of the methodology of the multijet transversality theorem demonstrates that equilibria are regular for a dense set of utility functions. The analysis of this paper extends and complements existence results concerning the robustness of stationary sunspot equilibria. In the second chapter, a multi-commodity version of the model of the first chapter is analysed. The equilibrium system is divided into the set of equations defined by (i) the stochastic budget constraints and by (ii) stochastic excess demand functions a geometric equilibrium is defined. A transversality technique shows that for almost every endowment vector the manifolds generated by (i) and (ii) do not intersect each other hence geometric stationary sunspot equilibria do not exist. This result is contrasted against the fact that regular non-stochastic monetary steady state equilibria generically exist. Furthermore, the existence of such equilibria is sufficient for the existence of an intrinsically uncertain equilibria. The results answer the question of the validity of the equilibrium concept of extrinsic uncertainty within a stationary environment. 2015-05-06T14:20:47Z 2015-05-06T14:20:47Z 2014 Doctoral Thesis Doctoral PhD http://hdl.handle.net/11427/12757 eng application/pdf School of Economics Faculty of Commerce University of Cape Town |
| spellingShingle | Economics Charlton, Richard Michael Extrinsic uncertainty, ergodic chaos and monetary policy in two intertemporal economic models |
| thesis_degree_str | Doctoral |
| title | Extrinsic uncertainty, ergodic chaos and monetary policy in two intertemporal economic models |
| title_full | Extrinsic uncertainty, ergodic chaos and monetary policy in two intertemporal economic models |
| title_fullStr | Extrinsic uncertainty, ergodic chaos and monetary policy in two intertemporal economic models |
| title_full_unstemmed | Extrinsic uncertainty, ergodic chaos and monetary policy in two intertemporal economic models |
| title_short | Extrinsic uncertainty, ergodic chaos and monetary policy in two intertemporal economic models |
| title_sort | extrinsic uncertainty ergodic chaos and monetary policy in two intertemporal economic models |
| topic | Economics |
| url | http://hdl.handle.net/11427/12757 |
| work_keys_str_mv | AT charltonrichardmichael extrinsicuncertaintyergodicchaosandmonetarypolicyintwointertemporaleconomicmodels |