Economics Dynamics Problems 107

Economics Dynamics Problems 107 - ◦ while in fgure 3.3(b...

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Discrete dynamic systems 91 Figure 3.3. y 0 = y will the system remain at rest. Hence, y in figure 3.3(a) is an attractor while y in figure 3.3(b) is a repellor. It is apparent from figure 3.2 that the essential difference between the two situations is that the line in figure 3.3(a) has a (positive) slope less than 45
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Unformatted text preview: ◦ , while in fgure 3.3(b) the slope is greater than 45 ◦ . Another Feature can be illustrated in a similar diagram. Consider the Following simple linear dynamic system y t + 1 = − y t + k...
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