Complex Systems Approach to Economic Dynamics by Abraham C.-L. ChianComplex Systems Approach to Economic Dynamics by Abraham C.-L. Chian

Complex Systems Approach to Economic Dynamics

byAbraham C.-L. Chian

Paperback | July 13, 2007

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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.
Title:Complex Systems Approach to Economic DynamicsFormat:PaperbackDimensions:101 pagesPublished:July 13, 2007Publisher:Springer-Verlag/Sci-Tech/TradeLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:3540397523

ISBN - 13:9783540397526

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Table 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.