期刊
JOURNAL OF MATHEMATICAL ECONOMICS
卷 46, 期 4, 页码 505-518出版社
ELSEVIER SCIENCE SA
DOI: 10.1016/j.jmateco.2010.03.004
关键词
Stochastic growth; Social-status concern; Multiple equilibria; Invariant distribution
资金
- National Science Foundation for Distinguished Young Scholars [70725006]
This paper extends Kurz's (1968) growth model to a stochastic growth framework with social-status concern and unbounded production shocks. Using the stochastic monotonicity of a stochastic dynamic system and the methods adopted in Zhang (2007), the existence, uniqueness, and stability of invariant distribution are investigated. Different from the existence of multiple steady states under certainty, it is shown here that there exists a unique stable invariant distribution under uncertainty. (C) 2010 Elsevier B.V. All rights reserved.
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