Stochastic growth: asymptotic distributions |
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Authors: | Stachurski John |
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Institution: | (1) Department of Economics, The University of Melbourne, Melbourne, VIC 3010, AUSTRALIA (e-mail: j.stachurski@pgrad.unimelb.edu.au) , AU |
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Abstract: | Summary. This note studies conditions under which sequences of state variables generated by discrete-time stochastic optimal accumulation
models have law of large numbers and central limit properties. Productivity shocks with unbounded support are considered.
Instead of restrictions on the support of the shock, an “average contraction” property is required on technology.
Received: August 27, 2001; revised version: January 9, 2002
RID="*"
ID="*"The author thanks John Creedy and Rabee Tourky for helpful comments, and the Economic Theory Center, University of Melbourne
for financial support. |
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Keywords: | and Phrases: Stochastic growth Law of large numbers Central limit theorem |
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