Time varying parameters and stability analysis
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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
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.
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Persistent link: https://EconPapers.repec.org/RePEc:ams:cdws01:po6
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