Stochastic growth with increasing returns: Stability and path dependence

John Stachurski

doi:10.2202/1558-3708.1104

Stochastic growth with increasing returns: Stability and path dependence

John Stachurski^*

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

5 Citations (Scopus)

Abstract

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.

Original language	English
Article number	1
Journal	Studies in Nonlinear Dynamics and Econometrics
Volume	7
Issue number	2
DOIs	https://doi.org/10.2202/1558-3708.1104
Publication status	Published - 2003
Externally published	Yes

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Stochastic growth with increasing returns: Stability and path dependence

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