Time varying parameters and stability analysis

Pietro Senesi
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Pietro Senesi: University of Rome

No PO6, CeNDEF Workshop Papers, January 2001 from Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance

Abstract: The present paper studies global stability analysis of competitive paths when preferences and/or technology are time varying. While most of the existing results on global stability of competitive economies rely upon the adoption of value-loss functions, we use methodology based on smooth Lyapunov functions. These are obtained as monotone transforms of standard value-loss functions, and they permit to obtain converse Lyapunov theorems related to competitive accumulation paths. As a onsequence, the resulting conditions for global stability are not only sufficient (as those associated to the use of value-loss functions) but necessary as well. This enables to neatly assess when a competitive economy having technology and preferences that change with time converges to a unique invariant set independently of initial conditions.

Date: 2001-01-04
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Persistent link: https://EconPapers.repec.org/RePEc:ams:cdws01:po6

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