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Is Discrete Time a Good Representation of Continuous Time?

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  • Luis A. Puch
  • Omar Licandro

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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File URL: http://www.fedea.es/pub/Papers/2006/dt2006-20.pdf
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Bibliographic Info

Paper provided by FEDEA in its series Working Papers with number 2006-20.

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Date of creation: Sep 2006
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Handle: RePEc:fda:fdaddt:2006-20

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Web page: http://www.fedea.es

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References

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  1. Jess Benhabib & Roger E.A. Farmer, 1992. "Indeterminacy and Increasing Returns," UCLA Economics Working Papers 646, UCLA Department of Economics.
  2. Patrick Asea & Paul J. Zak, 1997. "Time-to-Build and Cycles," UCLA Economics Working Papers 767, UCLA Department of Economics.
  3. Hintermaier, Thomas, 2004. "A Sunspot Paradox," Economics Series 150, Institute for Advanced Studies.
  4. Boucekkine, Raouf & Licandro, Omar & Puch, Luis A. & del Rio, Fernando, 1999. "Vintage Capital and the Dynamics of the AK Model," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2000009, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  5. Mauro BAMBI & Omar LICANDRO, 2004. "(In)determinacy and Time-to-Build," Economics Working Papers ECO2004/17, European University Institute.
  6. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November.
  7. Fabrice Collard & Omar Licandro & Luis A. Puch, 2006. "Time-to-Build Echoes," Working Papers 2006-16, FEDEA.
  8. Anagnostopoulos, Alexis & Giannitsarou, Chryssi, 2010. "Modelling Time And Macroeconomic Dynamics," CEPR Discussion Papers 8050, C.E.P.R. Discussion Papers.
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Cited by:
  1. Anagnostopoulos, Alexis & Giannitsarou, Chryssi, 2010. "Modelling Time And Macroeconomic Dynamics," CEPR Discussion Papers 8050, C.E.P.R. Discussion Papers.
  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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