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Discontinuities and catastrophes

In: Mathematical Modelling for Economists

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  • Donald A. R. George

Abstract

In Chapters 6 and 7 we discussed the jump variable of rational expectations theory and saw that they had a crucial role in rational expectations dynamics. It was also evident that the behaviour of these jump variables has very little theoretical underpinning. They are essentially ad hoc constructions necessary for modelling reasons. Observable economic variables do jump however; exchange rates furnish perhaps the most obvious example. In this chapter we examine a type of model which can be used to explain such jumps in a coherent way.

Suggested Citation

  • Donald A. R. George, 1988. "Discontinuities and catastrophes," Palgrave Macmillan Books, in: Mathematical Modelling for Economists, chapter 8, pages 135-158, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-19238-0_8
    DOI: 10.1007/978-1-349-19238-0_8
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