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Random fixed points in a stochastic Solow growth model

  • Schenk-Hoppe, Klaus Reiner
  • Schmalfu[ss], Bjorn

This paper presents a complete analysis of a stochastic version of the Solow growth model in which all parameters are ergodic random variables. Applying random dynamical systems theory, we prove that the dynamics and, in particular, the long-run behavior is uniquely determined by a globally attracting stable random fixed point. We also discuss the relation of our approach to that of ergodic Markov equilibria.

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Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 36 (2001)
Issue (Month): 1 (September)
Pages: 19-30

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Handle: RePEc:eee:mateco:v:36:y:2001:i:1:p:19-30
Contact details of provider: Web page: http://www.elsevier.com/locate/jmateco

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