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Modelling vintage structures with DDEs: principles and applications

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Author Info
Raouf BOUCEKKINE
David DE LA CROIX
Omar LICANDRO

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Abstract

A comprehensive study of the linkages between demographic and economic variables should not only account for vintage specificity but also incorporate the relevant economic and demographic decisions in a complete optimal control set-up. In this paper, a methodological set-up allowing to reach these objectives is described. In this framework, time is continuous but agents take discrete timing decisions. The mixture of continuous and discrete time yields differential-difference equations (DDEs). This paper shows clearly that the approach allows for a relatively complete and rigorous analytical exploration in some special cases (mainly linear or quasi linear models), and for an easy computational appraisal in the general case.

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Paper provided by European University Institute in its series Economics Working Papers with number ECO2004/06.

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Date of creation: 2004
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Handle: RePEc:eui:euiwps:eco2004/06

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Find related papers by JEL classification:
J1 - Labor and Demographic Economics - - Demographic Economics
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
E2 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment
D9 - Microeconomics - - Intertemporal Choice and Growth

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Boucekkine, Raouf & del Rio, Fernando & Licandro, Omar, 1999. "Endogenous vs Exogenously Driven Fluctuations in Vintage Capital Models," Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Discussion Paper 1999007, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
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  2. Raouf Boucekkine & David de la Croix & Omar Licandro, 2003. "Early Mortality Declines at the Dawn of Modern Growth," Scandinavian Journal of Economics, Blackwell Publishing, vol. 105(3), pages 401-418, 09. [Downloadable!] (restricted)
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  3. Malcomson, James M., 1975. "Replacement and the rental value of capital equipment subject to obsolescence," Journal of Economic Theory, Elsevier, vol. 10(1), pages 24-41, February. [Downloadable!] (restricted)
  4. Benhabib, Jess & Rustichini, Aldo, 1991. "Vintage capital, investment, and growth," Journal of Economic Theory, Elsevier, vol. 55(2), pages 323-339, December. [Downloadable!] (restricted)
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  5. Boucekkine, Raouf & Licandro, Omar & Puch, Luis A. & del Rio, Fernando, 1999. "Vintage Capital and the Dynamics of the AK Model," Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Discussion Paper 2000009, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
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  6. Kelley, Allen C. & Schmidt, Robert M., 1995. "Aggregate Population and Economic Growth Correlations: The Role of the Components of Demographic Change," Working Papers 95-37, Duke University, Department of Economics. [Downloadable!]
  7. Boucekkine, Raouf, et al, 1998. " Creative Destruction, Investment Volatility, and the Average Age of Capital," Journal of Economic Growth, Springer, vol. 3(4), pages 361-84, December. [Downloadable!] (restricted)
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  8. Michel, Philippe, 1982. "On the Transversality Condition in Infinite Horizon Optimal Problems," Econometrica, Econometric Society, vol. 50(4), pages 975-85, July. [Downloadable!] (restricted)
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  9. Boucekkine, Raouf & Germain, Marc & Licandro, Omar, 1997. "Replacement Echoes in the Vintage Capital Growth Model," Journal of Economic Theory, Elsevier, vol. 74(2), pages 333-348, June. [Downloadable!] (restricted)
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  10. Boucekkine, Raouf & Licandro, Omar & Paul, Christopher, 1997. "Differential-difference equations in economics: On the numerical solution of vintage capital growth models," Journal of Economic Dynamics and Control, Elsevier, vol. 21(2-3), pages 347-362. [Downloadable!] (restricted)
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  11. Galor, Oded & Weil, David, 1999. "From Malthusian Stagnation to Modern Growth," CEPR Discussion Papers 2082, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  12. Timothy Cogley & James M. Nason, 1993. "Output dynamics in real business cycle models," Working Papers in Applied Economic Theory 93-10, Federal Reserve Bank of San Francisco.
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  13. Fabrice COLLARD & Omar LICANDRO & Luis A. PUCH, 2004. "The short-run dynamics of optimal growth models with delays," Economics Working Papers ECO2004/04, European University Institute. [Downloadable!]
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  14. Boucekkine, Raouf & Germain, Marc & Licandro, Omar & Magnus, Alphonse, 2001. "Numerical solution by iterative methods of a class of vintage capital models," Journal of Economic Dynamics and Control, Elsevier, vol. 25(5), pages 655-669, May. [Downloadable!] (restricted)
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  15. de la Croix, David & Licandro, Omar, 1999. "Life expectancy and endogenous growth," Economics Letters, Elsevier, vol. 65(2), pages 255-263, November. [Downloadable!] (restricted)
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  16. Boucekkine, Raouf & Pommeret, Aude, 2004. "Energy saving technical progress and optimal capital stock: the role of embodiment," Economic Modelling, Elsevier, vol. 21(3), pages 429-444, May. [Downloadable!] (restricted)
  17. Boucekkine, Raouf & de la Croix, David & Licandro, Omar, 2002. "Vintage Human Capital, Demographic Trends, and Endogenous Growth," Journal of Economic Theory, Elsevier, vol. 104(2), pages 340-375, June. [Downloadable!] (restricted)
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Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Raouf, BOUCEKKINE & Bity, DIENE & Théophile, AZOMAHOU, 2007. "A closer look at the relationship between life expectancy and economic growth," Université catholique de Louvain, Département des Sciences Economiques Working Paper 2007043, Université catholique de Louvain, Département des Sciences Economiques. [Downloadable!]
    Other versions:
  2. Fabbri, Giorgio, 2007. "Viscosity solutions to delay differential equations in demo-economy," MPRA Paper 2826, University Library of Munich, Germany. [Downloadable!]
  3. Simon Sosvilla-Rivero & Pedro N. Rodríguez, . "Linkages in international stock markets: Evidence from a classification procedure," Working Papers 2004-23, FEDEA. [Downloadable!]
  4. José A. Herce, . "Could this ever happen in Spain? Economic and policy aspects of a SARS-like episode," Working Papers 2004-09, FEDEA. [Downloadable!]
  5. Fabbri, Giorgio & Faggian, Silvia & Gozzi, Fausto, 2006. "On the Dynamic Programming approach to economic models governed by DDE's," MPRA Paper 2825, University Library of Munich, Germany. [Downloadable!]
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This page was last updated on 2008-8-24.

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