ASYMPTOTIC STABILITY OF A BROCK-MIRMAN ECONOMY WITH UNBOUNDED SHOCK
by
John Stachurski
MAY 2000
Department of Economics. University of Melbourne. Melbourne Victoria 3010 Australia
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.
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