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.
- Stochastic monotonicity and stationary distributions for dynamic economies / Hugo A. Hopenhayn, Edward C. Prescott.
- Invariant distributions for discontinuous monotone Markov processes / Hugo A. Hopenhayn, Edward C. Prescott.
- On existence and uniqueness of stationary distributions without continuity / Hugo Hopenhayn, Edward Prescott.
- Federal Reserve Bank of Minneapolis. Research Department
- Federal Reserve Bank of Minneapolis
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