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Modelling vintage structures with DDEs: Principles and applications

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  • Raouf Boucekkine
  • David de la Croix
  • Omar Licandro

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 FEDEA in its series Working Papers with number 2004-07.

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Handle: RePEc:fda:fdaddt:2004-07

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  1. Michel, P., 1980. "On the Transversality Condition in Infinite Horizon Optimal Problems," Cahiers de recherche, Universite de Montreal, Departement de sciences economiques 8024, Universite de Montreal, Departement de sciences economiques.
  2. de la Croix, David & Licandro, Omar, 1997. "Life expectancy and endogenous growth," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales), Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) 1997029, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  3. BOUCEKKINE, Raouf & POMMERET, Aude, . "Energy saving technical progress and optimal capital stock: the role of embodiment," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -1703, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. Raouf Boucekkine & Marc Germain & Omar Licandro & Alphonse Magnus, . "Numerical solution by iterative methods of a class on vintage capital models," Working Papers, FEDEA 97-26, FEDEA.
  5. BOUCEKKINE, Raouf & GERMAIN, Marc & LICANDRO, Omar & MAGNUS, Alphonse, . "Creative destruction, investment volatility, and the average age of capital," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -1376, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  6. Boucekkine, Raouf & del Rio, Fernando & Licandro, Omar, 1999. "Endogenous vs Exogenously Driven Fluctuations in Vintage Capital Models," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales), Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) 1999007, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  7. Raouf Boucekkine & Marc Germain & Omar Licandro, . "Replacement echoes in the vintage capital growth model," Working Papers, FEDEA 96-16, FEDEA.
  8. Kelley, Allen C. & Schmidt, Robert M., 1995. "Aggregate Population and Economic Growth Correlations: The Role of the Components of Demographic Change," Working Papers, Duke University, Department of Economics 95-37, Duke University, Department of Economics.
  9. BOUCEKKINE, Raouf & de la CROIX, David & LICANDRO, Omar, 2002. "Early mortality declines at the dawn of modern growth," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 2002030, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  10. Boucekkine, Raouf & de la Croix, David & Licandro, Omar, 2002. "Vintage Human Capital, Demographic Trends, and Endogenous Growth," Journal of Economic Theory, Elsevier, Elsevier, vol. 104(2), pages 340-375, June.
  11. Luis A. Puch & Fabrice Collard & Omar Licandro, 2004. "The short-run dynamics of optimal growth models with delays," Computing in Economics and Finance 2004, Society for Computational Economics 117, Society for Computational Economics.
  12. Timothy Cogley & James M. Nason, 1993. "Output dynamics in real business cycle models," Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco 93-10, Federal Reserve Bank of San Francisco.
  13. Raouf Boucekkine & Omar Licandro & Luis A. Puch & Fernando del Rio, . "Vintage capital and the dynamics of the AK model," Working Papers, FEDEA 2000-01, FEDEA.
  14. Galor, Oded & Weil, David, 1999. "From Malthusian Stagnation to Modern Growth," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2082, C.E.P.R. Discussion Papers.
  15. Jess Benhabib & Aldo Rustichini, 1990. "Vintage Capital, Investment and Growth," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 886, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  16. Malcomson, James M., 1975. "Replacement and the rental value of capital equipment subject to obsolescence," Journal of Economic Theory, Elsevier, Elsevier, vol. 10(1), pages 24-41, February.
  17. Emilio Barucci & Fausto Gozzi, 2001. "Technology adoption and accumulation in a vintage-capital model," Journal of Economics, Springer, Springer, vol. 74(1), pages 1-38, February.
  18. 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, Elsevier, vol. 21(2-3), pages 347-362.
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