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Time-to-Build Echoes

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  • Fabrice Collard
  • Omar Licandro
  • Luis A. Puch

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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Bibliographic Info

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. Anderson, Patricia M. & Butcher, Kristin F. & Levine, Phillip B., 2003. "Maternal employment and overweight children," Journal of Health Economics, Elsevier, Elsevier, vol. 22(3), pages 477-504, May.
  2. Rivers, Douglas & Vuong, Quang H., 1988. "Limited information estimators and exogeneity tests for simultaneous probit models," Journal of Econometrics, Elsevier, Elsevier, vol. 39(3), pages 347-366, November.
  3. Chesher, Andrew & Irish, Margaret, 1987. "Residual analysis in the grouped and censored normal linear model," Journal of Econometrics, Elsevier, Elsevier, vol. 34(1-2), pages 33-61.
  4. John Cawley, 2000. "Body Weight and Women's Labor Market Outcomes," NBER Working Papers 7841, National Bureau of Economic Research, Inc.
  5. 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.
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Cited by:
  1. Luis A. Puch & Omar Licandro, 2006. "Is Discrete Time a Good Representation of Continuous Time?," Working Papers, FEDEA 2006-20, FEDEA.
  2. Chryssi Giannitsarou & Alexia Anagnostopoulos, 2005. "Modeling Time and Macroeconomic Dynamics," Money Macro and Finance (MMF) Research Group Conference 2005, Money Macro and Finance Research Group 60, Money Macro and Finance Research Group.
  3. Mauro Bambi, 2006. "Endogenous growth and time to build: the AK case," Computing in Economics and Finance 2006, Society for Computational Economics 77, Society for Computational Economics.

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