UECE - Capítulos / Artigos em Livros Internacionais / Chapters in International Books
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- Economic growth theory, fifty years afterPublication . Brito, PauloFifty year have passed since Solow’s [21] paper on economic growth theory has been published. With a non-specialized reader in mind, we present the main ensuing phases of the theory and the way our own research relates to it. The history of growth theory is conventionally divided into two phases: until early 1970’s, the research is labeled exogenous growth theory, and, starting in late 1980’s until the present, the new growth or endogenous growth theory is being developed. We present the main models of both theories, the stylized facts of growth and a broad view on their compliance of theory with them. At last, we report some avenues that we have been exploring, as well as their motivation and results. This research addresses the topics: existence of multiple BGP’s, indeterminacy, non-monotonous transitions and an exploration on the integration of spatial and growth theories using PDE’s.
- From Sunspots to Black Holes: singular dynamics in macroeconomic modelsPublication . Brito, Paulo; Costa, Luis F.; Dixon, HuwWe present conditions for the emergence of singularities in DGE models. We distinguish between slow-fast and impasse singularity types, review geometrical methods to deal with both types of singularity and apply them to DGE dynamics. We find that impasse singularities can generate new types of DGE dynamics, in particular temporary determinacy/indeterminacy. We illustrate the different nature of the two types of singularities and apply our results to two simple models: the Benhabib and Farmer (1994) model and one with a cyclical fiscal policy rule