What is it about?
This is an analysis on economic cycles which compares two alternative approach for modeling: a stochastic process versus a deterministic chaotic model.
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Why is it important?
If economics can be modeled through stochastic processes it means that shocks are only exogenous If economics can be modeled through deterministic chaotic model it means that shocks are endogenous and explained by the model
Perspectives
The perspective is to turn chaotic models from an intellectual curiosity into a practical tool to explain/model economics
Prof. Dr. Giuseppe Orlando
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This page is a summary of: Business cycle modeling between financial crises and black swans: Ornstein–Uhlenbeck stochastic process vs Kaldor deterministic chaotic model, Chaos An Interdisciplinary Journal of Nonlinear Science, August 2020, American Institute of Physics,
DOI: 10.1063/5.0015916.
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