Stochastic Growth: Asymptotic Distributions
This note studies conditions under which sequences of capital per head generated by stochastic optimal accumulation models have law of large numbers and central limit properties. The regularity condition used on the productivity shock is somewhat different to that of previous studies. In particular, no restrictions are placed on its support. Instead, an "average contraction" property is required on the law of motion.
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- repec:rus:cemicf:358 is not listed on IDEAS
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"Stochastic Optimal Growth with Unbounded Shock,"
Journal of Economic Theory,
Elsevier, vol. 106(1), pages 40-65, September.
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- Binder, M. & Pesaran, M.H., 1996. "Stochastic Growth," Cambridge Working Papers in Economics 9615, Faculty of Economics, University of Cambridge.
- Flam, S.D. & Evstigneev, I.V., 1997. "The Turnpike Property and the Central Limit Theorem in Stochastic Models of Economic Dynamics," Norway; Department of Economics, University of Bergen 171, Department of Economics, University of Bergen.
- Bhattacharya, Rabi & Majumdar, Mukul, 2001. "On a Class of Stable Random Dynamical Systems: Theory and Applications," Journal of Economic Theory, Elsevier, vol. 96(1-2), pages 208-229, January.
- Mirman, Leonard J, 1972. "On the Existence of Steady State Measures for One Sector Growth Models with Uncertain Technology," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 13(2), pages 271-86, June.
- Mirman, Leonard J. & Zilcha, Itzhak, 1975. "On optimal growth under uncertainty," Journal of Economic Theory, Elsevier, vol. 11(3), pages 329-339, December.
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