Chaotic behaviour of continuous dynamical system generated by Euler equation branching and its application in macroeconomic equilibrium model
Barbora Volná (2015)
Mathematica Bohemica
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We focus on the special type of the continuous dynamical system which is generated by Euler equation branching. Euler equation branching is a type of differential inclusion , where are continuous and at every point . It seems this chaotic behaviour is typical for such dynamical system. In the second part we show an application in a new formulated overall macroeconomic equilibrium model. This new model is based on the fundamental macroeconomic aggregate equilibrium model called...