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Stochastic Growth with Increasing Returns: Stability and Path Dependence
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John Stachurski
Published/Copyright:
July 1, 2003
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 incorporates such dynamics.
Published Online: 2003-7-1
©2011 Walter de Gruyter GmbH & Co. KG, Berlin/Boston
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Articles in the same Issue
- Article
- Stochastic Growth with Increasing Returns: Stability and Path Dependence
- Bootstrap Neural Network Cointegration Tests Against Nonlinear Alternative Hypotheses
- Globally-Stabilizing Fiscal Policy Rules
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- Erratum
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