Asymptotic Stability of a Brock-Mirman Economy with Unbounded Shock

John Stachurski ()

No 746, Department of Economics - Working Papers Series from The University of Melbourne

Abstract: New results in the asymptotic theory of Markov processes are applied to analysis of the long-run behaviour exhibited by optimal growth models with unbounded productivity shock. The techniques developed here are geometrically intuitive, and are shown to imply global stability for a popular model specification. In the process, we present a simple new proof of a recent result pertaining to the stability of discrete dynamical systems on metric space.

Keywords: STOCHASTIC PROCESS; MATHEMATICAL ANALYSIS; ECONOMETRICS (search for similar items in EconPapers)
JEL-codes: C00 C60 C61 (search for similar items in EconPapers)
Pages: 17 pages
Date: 2000
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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