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Complex economic dynamics: Obvious in history, generic in theory, elusive in data
Author(s) -
Day R. H.
Publication year - 1992
Publication title -
journal of applied econometrics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 2.878
H-Index - 99
eISSN - 1099-1255
pISSN - 0883-7252
DOI - 10.1002/jae.3950070503
Subject(s) - dynamics (music) , economics , computer science , econometrics , mathematical economics , neoclassical economics , economic geography , sociology , pedagogy
The capacity of nonlinear dynamic models to mimic qualitative features of economic data is illustrated with an adaptive version of the neoclassical growth theory. Implications for econometric methodology are discussed, emphasizing structural estimation and qualitative inference.