Date of This Version
August 2009
Abstract
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.
Recommended Citation
Xepapadeas, Anastasios and Brock, William, "General Pattern Formation in Recursive Dynamical Systems Models in Economics" (August 05, 2009). Fondazione Eni Enrico Mattei Working Papers. Paper 310.
https://services.bepress.com/feem/paper310