Cycles and chaos in the one-sector growth model with elastic labor supply
研究了离散时间新古典单部门最优增长模型，在弹性劳动供给和标准假设下，发现模型可以产生任意周期的周期解和混沌解，并将非单调解的最优性归因于强收入效应，但常见参数化下这些现象不会出现。
It is shown that the discrete-time version of the neoclassical one-sector optimal growth model with elastic labor supply and standard monotonicity and convexity assumptions on technology and preferences can have periodic solutions of any period as well as chaotic solutions. The optimality of these non-monotonic solutions is traced back to strong income effects. When technology and preferences are parameterized as it is commonly done in quantitative macroeconomic studies, these phenomena cannot occur.