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The Stability of Steady States in Perfect Foresight Models
John P. Laitner
Vol. 49, No. 2 (Mar., 1981), pp. 319-333
Published by: The Econometric Society
Stable URL: http://www.jstor.org/stable/1913313
Page Count: 15
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This paper analyzes nonlinear growth models in which agents' expectations have a role in determining present behavior. Assuming agents have perfect foresight, we develop sufficiency conditions for the local stability of a given steady state. We then briefly discuss several examples in which stability prevails.
Econometrica © 1981 The Econometric Society