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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://documentos.fedea.net/pubs/dt/2006/dt-2006-20.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.net

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  1. Hintermaier, Thomas, 2005. "A sunspot paradox," Economics Letters, Elsevier, vol. 87(2), pages 285-290, May.
  2. Benhabib, J. & Farmer, R.E.A, 1991. "Indeterminacy and Increasing Returns," Papers 165, Cambridge - Risk, Information & Quantity Signals.
  3. Raouf Boucekkine & Omar Licandro & Luis A. Puch & Fernando del Rio, 2003. "Vintage capital and the dynamics of the AK model," Documentos del Instituto Complutense de Análisis Económico 0310, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales.
  4. 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.
  5. Asea, Patrick K. & Zak, Paul J., 1999. "Time-to-build and cycles," Journal of Economic Dynamics and Control, Elsevier, vol. 23(8), pages 1155-1175, August.
  6. Fabrice Collard & Omar Licandro & Luis A. Puch, 2006. "Time-to-Build Echoes," Working Papers 2006-16, FEDEA.
  7. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November.
  8. Mauro BAMBI & Omar LICANDRO, 2004. "(In)determinacy and Time-to-Build," Economics Working Papers ECO2004/17, European University Institute.
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Cited by:
  1. 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.
  2. 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.

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