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INTRODUCTION TO THE SPECIAL ISSUE ON NONLINEAR TIME SERIES

Published online by Cambridge University Press:  12 March 2010

Melvin Hinich*
Affiliation:
The University of Texas at Austin

Extract

A nation's economy is a complex nonlinear dynamical system with links to other national economies. Classical macroeconomic models typically incorporate linear approximations to the nonlinear world and add simple dynamics to capture adjustments over time. Most of these simplifications offer little insight into the nonlinear structure of economic relationships that exist. Nor do they provide useful predictions beyond the short-term predictions of the autoregressive linear models from which they are derived.

Type
Introduction
Copyright
Copyright © Cambridge University Press 2010

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