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Time-to-Build Echoes

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Author Info
Fabrice Collard
Omar Licandro
Luis A. Puch

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Abstract

In an optimal growth model with a time-to-build delay, the feasibility condition is a delayed-differential equation, and the Euler-type condition is an advanced-differential equation. As in Kalecki's theory of business cycles, the delayed nature of the feasibility constraint naturally induces cycles. However, the advanced nature of the Euler-type equation dampens fluctuations through smoothing, making the economy converge by oscillations. We refer to this result as time-to-build echoes.

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Paper provided by FEDEA in its series Working Papers with number 2006-16.

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Date of creation: Jul 2006
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Handle: RePEc:fda:fdaddt:2006-16

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  1. Chesher, Andrew & Irish, Margaret, 1987. "Residual analysis in the grouped and censored normal linear model," Journal of Econometrics, Elsevier, vol. 34(1-2), pages 33-61. [Downloadable!] (restricted)
  2. Darius Lakdawalla & Tomas Philipson, 2002. "The Growth of Obesity and Technological Change: A Theoretical and Empirical Examination," NBER Working Papers 8946, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Patricia M. Anderson & Kristin F. Butcher & Phillip B. Levine, 2002. "Maternal Employment and Overweight Children," NBER Working Papers 8770, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. John Cawley, 2000. "Body Weight and Women's Labor Market Outcomes," NBER Working Papers 7841, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Rivers, Douglas & Vuong, Quang H., 1988. "Limited information estimators and exogeneity tests for simultaneous probit models," Journal of Econometrics, Elsevier, vol. 39(3), pages 347-366, November. [Downloadable!] (restricted)
  6. Patricia M. Anderson & Kristin F. Butcher & Phillip B. Levine, 2002. "Maternal employment and overweight children," Working Paper Series WP-02-10, Federal Reserve Bank of Chicago. [Downloadable!]
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  1. Omar Licandro & Luis A. Puch, 2006. "Is Discrete Time a Good Representation of Continuous Time?," Economics Working Papers ECO2006/28, European University Institute. [Downloadable!]
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