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Stability of the Neumann Ray in a Dynamic Leontief System with Finite Forecast Horizons

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  • Hajime Hori

Abstract

This paper considers whether the dynamic stability of the steady-state growth path, deduced in various models under the assumption of perfect foresight, can be sustained if foresight is imperfect. Using a dynamic Leontief system as the framework and measuring the degrees of goodness of foresight by the length of the forecast horizon, the paper derives an affirmative answer. The result can also be interpreted as asserting that the Neumann ray serves as a turnpike for a rolling plan of a long planning horizon.

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  • Hajime Hori, 1982. "Stability of the Neumann Ray in a Dynamic Leontief System with Finite Forecast Horizons," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 49(3), pages 461-472.
    • Handle: RePEc:oup:restud:v:49:y:1982:i:3:p:461-472.
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    File URL: http://hdl.handle.net/10.2307/2297369
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    1. Hori, Hajime, 1987. "A turnpike theorem for rolling plans," Journal of Mathematical Economics, Elsevier, vol. 16(3), pages 223-235, May.

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