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| Type | Working Paper |
| Scope | Discipline-based scholarship |
| Title | Sample-Path Stability of Non-Stationary Dynamic Economic Systems (Revised Version) |
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| Institution | University of Zurich |
| Series Name | Working paper series / Institute for Empirical Research in Economics |
| Number | No. 46 |
| ISSN | 1424-0459 |
| Date | 2001 |
| Abstract Text | The goal of this paper is to introduce and illustrate a new approach to the stability analysis of sample-paths of nonlinear stochastic economic models with non-stationary components. We place our study within the mathematical theory of random dynamical systems and apply the concept of a random fixed point which is tailor-made for the study of the long-term behavior of sample-paths in stochastic systems. The main tool for the application of this approach is a Banach-type fixed point theorem for non-stationary random dynamical systems which is proved here. The concept and the theorem are thoroughly explained and illustrated by two examples from stochastic growth theory. |
| Official URL | http://www.econ.uzh.ch/wp.html |
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