Morand, Olivier F.; Reffett, Kevin L. - Department of Economics, University of Connecticut - 2001
In applied work in macroeconomics and finance, nonoptimal infinite horizon economies are often studied in the the state … space is unbounded. Important examples of such economies are single vector growth models with production externalities … existence and uniqueness of Markovian equilibrium are well known for the compact state space case, no similar sufficient …