Project leader: Prof. RNDr., Ing. Jan Kodera, CSc.

Department: E

Supported by (ID): GA ČR 402/06/0990

Duration: 2005 - 2008

Abstract:

Economic systems exhibit many types of bifurcations such as pitchfork bifurcations in the tatonement process, transcritical bifurcations in the Bergstrom-Newman-Wymer continuous-time macroeconometric model, Hopf bifurcations in the growth models. Bifurcation exist both in discrete-time and continuous-time models.Analysing the effects of uncertainty in economic systems might have very practical impact on macroeconomic policymaking. A stochastic setting in macroeconomic policymaking makes possible to use symmetric but even asymmetric information and to demonstrate the use of methods for the rational expectations equilibrium.