Growth and long-run stability |
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Authors: | Bjarne Sloth Jensen Mogens Esrom Larsen |
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Institution: | (1) Copenhagen School of Economics and Business Administration, Copenhagen, Denmark;(2) Department of Mathematics, University of Copenhagen, DK-2100 Copenhagen, Denmark |
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Abstract: | This paper analyses the implications of persistent growth upon the stability properties of dynamic models. Besides the traditional concept of asymptotic stability, new stability criteria-strong/weak absolute, strong/weak relative, strong/weak logarithmic stability-are introduced, and global stability conditions for satisfying these criteria are stated for general first-order autonomous differential equations. The conflict between rapidity of growth and the degree of stability is demonstrated. Economic applications of the stability theorems are illustrated within the growth models of Harrod and Solow. |
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Keywords: | 34A34 34D99 90A16 |
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