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(In)determinacy and Time-to-Build

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  • Mauro BAMBI
  • Omar LICANDRO

Abstract

This paper generalizes Benhabib and Farmer [4], by allowing for a strictly positive time-to-build of capital. The introduction of a time-to-build delay yields a system of mixed functional di¤erential equations. We show that the system has a unique steady state. More important, we prove that the dimension of the unstable manifold is at least one, which implies that a small time-to-build delay rules out local indeterminacy.

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Bibliographic Info

Paper provided by European University Institute in its series Economics Working Papers with number ECO2004/17.

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Date of creation: 2004
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Handle: RePEc:eui:euiwps:eco2004/17

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Keywords: Indeterminacy; Time-to-Build; Mixed Functional Di¤erential Equations;

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Cited by:
  1. Hippolyte d'Albis & Emmanuelle Augeraud-Véron & Alain Venditti, 2012. "Business cycle fluctuations and learning-by-doing externalities in a one-sector model," Documents de travail du Centre d'Economie de la Sorbonne 12026, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  2. Luis A. Puch & Omar Licandro, 2006. "Is Discrete Time a Good Representation of Continuous Time?," Working Papers 2006-20, FEDEA.
  3. Mauro Bambi, 2006. "Endogenous growth and time to build: the AK case," Computing in Economics and Finance 2006 77, Society for Computational Economics.
  4. Chryssi Giannitsarou & Alexia Anagnostopoulos, 2005. "Modeling Time and Macroeconomic Dynamics," Money Macro and Finance (MMF) Research Group Conference 2005 60, Money Macro and Finance Research Group.
  5. Hippolyte D'Albis & Emmanuelle Augeraud-Véron & Alain Venditti, 2012. "Business cycle fluctuations and learning-by-doing externalities in a one-sector model," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00717198, HAL.

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