Nonlinear Dynamics of International Monetary Policy Systems
Speaker: Tim O'Connor, University of St. Thomas(Student)
Date & Time:
7:30 PM - 8:30 PM
Owens Science Center's 3M Auditorium (OWS 150)
Abstract: By challenging basic assumptions in accepted economic models, I show how more complex behaviors can arise. Through a step by step process, systems become increasingly complex and we can see which assumptions will allow the system to exhibit interesting behaviors. Ultimately, I show how periodic orbits and possible chaos occur when all of the assumptions are relaxed. With small changes in parameter values, the systems can be either convergent, oscillatory, divergent, and possibly chaotic. Finally, possible policy implications that the existence of orbits could have are discussed.
Biographical information: Tim O'Connor is a graduating senior. Tim is majoring in mathematical economics and applied mathematics. He hopes to attend graduate school this next year in order to ultimately get a Ph.D in economics. His research interests include international macroeconomics, macro issues of aggregation, and strategic games.
Video of Tim's talk is available here.