Stochastic Growth with Increasing Returns: Stability and Path Dependence
نویسندگان
چکیده
منابع مشابه
Stochastic Growth with Increasing Returns: Stability and Path Dependence
The paper demonstrates global stability in a class of stochastic overlapping generations economies with increasing returns. These results are applied to the study of path dependent dynamics. In particular, for nonlinear stochastic models it is seen that persistence of the historical state and formal ergodicity may easily coincide. A new definition of path dependence is proposed that incorporate...
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ژورنال
عنوان ژورنال: Studies in Nonlinear Dynamics & Econometrics
سال: 2003
ISSN: 1558-3708
DOI: 10.2202/1558-3708.1104