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Asymptotics Of Stochastic Recursive Economies Under Monotonicity

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Author Info
Takashi Kamihigashi () (Research Institute for Economics and Business Administration, Kobe University)
John Stachurski () (Institute of Economic Research, Kyoto University)
Abstract

This paper presents a new mixing condition for dynamic economies with a Markov structure. The mixing condition is stated in terms of order, and generalizes a number of wellknown conditions used to establish stability of monotone dynamic models. By generalizing the key insights of the original conditions, we derive a set of results with applications to many theoretical and time series models.

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Paper provided by Kyoto University, Institute of Economic Research in its series KIER Working Papers with number 666.

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Date of creation: Jan 2009
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Handle: RePEc:kyo:wpaper:666

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  1. Manuel S. Santos & Adrian Peralta-Alva, 2003. "Accuracy Of Simulations For Stochastic Dynamic Models," Economics Working Papers we034615, Universidad Carlos III, Departamento de Economía. [Downloadable!]
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  2. Hopenhayn, Hugo A & Prescott, Edward C, 1992. "Stochastic Monotonicity and Stationary Distributions for Dynamic Economies," Econometrica, Econometric Society, vol. 60(6), pages 1387-406, November. [Downloadable!] (restricted)
  3. Nishimura, Kazuo & Stachurski, John, 2005. "Stability of stochastic optimal growth models: a new approach," Journal of Economic Theory, Elsevier, vol. 122(1), pages 100-118, May. [Downloadable!] (restricted)
  4. Razin, Assaf & Yahav, Joseph A, 1979. "On Stochastic Models of Economic Growth," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 20(3), pages 599-604, October. [Downloadable!] (restricted)
  5. Brock, William A. & Mirman, Leonard J., 1972. "Optimal economic growth and uncertainty: The discounted case," Journal of Economic Theory, Elsevier, vol. 4(3), pages 479-513, June. [Downloadable!] (restricted)
  6. Ricard Torres, 1990. "Stochastic Dominance," Discussion Papers 905, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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