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Is Discrete Time a Good Representation of Continuous Time?

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  • Omar Licandro
  • Luis A. Puch

Abstract

Economists model time as continuous or discrete. The recent literature on continuous time models with delays should help to bridge the gap between these two families of models. In this note, we propose a simple time–to–build model in continuous time, and show that a discrete time version is a true representation of the continuous time problem under some sufficient conditions.

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Bibliographic Info

Paper provided by European University Institute in its series Economics Working Papers with number ECO2006/28.

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Date of creation: 2006
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Handle: RePEc:eui:euiwps:eco2006/28

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Keywords: Discrete Time; Continuous Time; Time–to–Build; Delay; DDEs;

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References

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  1. Mauro BAMBI & Omar LICANDRO, 2004. "(In)determinacy and Time-to-Build," Economics Working Papers ECO2004/17, European University Institute.
  2. Raouf Boucekkine & Omar Licandro & Luis A. Puch & Fernando del Rio, . "Vintage capital and the dynamics of the AK model," Working Papers 2000-01, FEDEA.
  3. Asea, Patrick K. & Zak, Paul J., 1999. "Time-to-build and cycles," Journal of Economic Dynamics and Control, Elsevier, vol. 23(8), pages 1155-1175, August.
  4. Benhabib, J. & Farmer, R.E.A, 1991. "Indeterminacy and Increasing Returns," Papers 165, Cambridge - Risk, Information & Quantity Signals.
  5. Anagnostopoulos, Alexis & Giannitsarou, Chryssi, 2010. "Modelling Time And Macroeconomic Dynamics," CEPR Discussion Papers 8050, C.E.P.R. Discussion Papers.
  6. Benhabib, Jess & Farmer, Roger E.A., 1991. "Indeterminacy and Increasing Returns," Working Papers 91-59, C.V. Starr Center for Applied Economics, New York University.
  7. Hintermaier, Thomas, 2004. "A Sunspot Paradox," Economics Series 150, Institute for Advanced Studies.
  8. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November.
  9. Fabrice Collard & Omar Licandro & Luis A. Puch, 2006. "Time-to-Build Echoes," Working Papers 2006-16, FEDEA.
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Cited by:
  1. 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.
  2. Juan Sebastián Pereyra & Juan Gabriel Brida, 2008. "The Solow model in discrete time and decreasing population growth rate," Economics Bulletin, AccessEcon, vol. 3(41), pages 1-14.

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