General Pattern Formation in Recursive Dynamical Systems Models in Economics

This paper presents a fairly general treatment of recursive infinite horizon forward looking optimizing systems on infinite dimensional spatial domains. It includes optimal control, an analysis of local stability of spatially flat optimal steady states and development of techniques to compute spatially heterogeneous optimal steady states. The paper also develops a concept of rational expectations equilibrium, a local stability analysis for spatially homogeneous rational expectations steady states, and computational techniques for spatially heterogeneous rational expectations steady states.


Issue Date:
2009-06
Publication Type:
Working or Discussion Paper
PURL Identifier:
http://purl.umn.edu/52345
Total Pages:
59
JEL Codes:
C61; 041
Series Statement:
SD
49.2009




 Record created 2017-04-01, last modified 2017-04-04

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