phase diagram

I upload here an updated and considerably expanded  older pamphlet of mine, about dynamic stability in economic models, one- or two-dimensional. The standard results are combined and tabulated compactly to provide a coherent picture, while I also treat in detail the  (many) cases of “Saddle-path stability” in systems of difference equations. Saddle-path stability is a central concept in dynamic economics, being the mathematical concept that is consistent with dynamic adjustment that results from purposeful behavior, and can accommodate structural shifts.

Dynamic Stability for economic models

 

 

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