Log-Linearization of Perturbed Dynamical Systems, With Applications to Optimal Growth

John Stachurski ()

No 788, Department of Economics - Working Papers Series from The University of Melbourne

Abstract: It is common to study the asymptotic properties of log-linear stochastic systems by analyzing the behaviour of their linear counterparts. In this paper a formal justification for analysis by log-linearization is given. As an application, a new existence, uniqueness and stability condition is derived for equilibria in a standard class of multisector growth models with stochastic production. The condition can be seen as a generalization of existing equilibrium conditions for this class of models.

Keywords: BEHAVIOUR; GROWTH MODELS; PRODUCTION (search for similar items in EconPapers)
JEL-codes: O41 O47 (search for similar items in EconPapers)
Pages: 12 pages
Date: 2001
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Citations: View citations in EconPapers (1)

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