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Some stability results for Markovian economic semigroups

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  • Leonard J. Mirman
  • Kevin Reffett
  • John Stachurski

Abstract

The present paper studies existence, uniqueness and stability of stationary equilibrium distributions in a class of stochastic dynamic models common to economic analysis. We provide applications to a heterogeneous agent model and two nonlinear multisector time series models with unbounded state space.

Suggested Citation

  • Leonard J. Mirman & Kevin Reffett & John Stachurski, 2005. "Some stability results for Markovian economic semigroups," International Journal of Economic Theory, The International Society for Economic Theory, vol. 1(1), pages 57-72, March.
    • Handle: RePEc:bla:ijethy:v:1:y:2005:i:1:p:57-72
    DOI: 10.1111/j.1742-7363.2005.00005.x
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    14. repec:cup:macdyn:v:1:y:1997:i:4:p:740-69 is not listed on IDEAS
    15. Stachurski, John, 2003. "Economic dynamical systems with multiplicative noise," Journal of Mathematical Economics, Elsevier, vol. 39(1-2), pages 135-152, February.
    16. Tapan Mitra & Santanu Roy, 2006. "Optimal exploitation of renewable resources under uncertainty and the extinction of species," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 28(1), pages 1-23, May.
    17. Farmer, Roger E.A. & Woodford, Michael, 1997. "Self-Fulfilling Prophecies And The Business Cycle," Macroeconomic Dynamics, Cambridge University Press, vol. 1(4), pages 740-769, December.
    18. Costas Courcoubetis & Richard Weber, 1994. "Stability of Flexible Manufacturing Systems," Operations Research, INFORMS, vol. 42(5), pages 947-957, October.
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    Cited by:

    1. Azariadis, Costas & Stachurski, John, 2005. "Poverty Traps," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 5, Elsevier.
    2. John Stachurski, 2009. "Economic Dynamics: Theory and Computation," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262012774, April.

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