Creator: Hopenhayn, Hugo Andres and Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 374 Abstract:
The existence of fixed points for monotone maps on spaces of measures is established. The case of monotone Markov processes is analyzed and a uniqueness and global stability condition is developed. A comparative statics result is presented and the problem of approximation to the invariant distribution is discussed. The conditions of the theorems are verified for the cases of Optimal Stochastic Growth and Industry Equilibrium.
关键词: Stochastic optimization, Invariant Markov process, and Monotone Markov process 学科: C61 - Mathematical methods and programming - Optimization techniques ; Programming models ; Dynamic analysis