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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.

Suggested Citation

  • Fabrice Collard & Omar Licandro & Luis A. Puch, 2006. "Time-to-Build Echoes," Working Papers 2006-16, FEDEA.
    • Handle: RePEc:fda:fdaddt:2006-16
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    References listed on IDEAS

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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. Omar Licandro & Luis A. Puch, 2006. "Is Discrete Time a Good Representation of Continuous Time?," Economics Working Papers ECO2006/28, European University Institute.
    3. Mauro Bambi, 2006. "Endogenous Growth and Time-to-Build: the AK Case," Economics Working Papers ECO2006/17, European University Institute.

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