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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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References

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  1. R. Boucekkine & F. del Rio & O. Licandro & Luis A. Puch, 2000. "Vintage Capital and the Dynamics of the AK Model," Econometric Society World Congress 2000 Contributed Papers 0436, Econometric Society.
  2. Patrick K. Asea & Paul J. Zak, 1997. "Time-to-Build and Cycles," NBER Technical Working Papers 0211, National Bureau of Economic Research, Inc.
  3. 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.
  4. Benhabib, Jess & Farmer, Roger E.A., 1991. "Indeterminacy and Increasing Returns," Working Papers, C.V. Starr Center for Applied Economics, New York University 91-59, C.V. Starr Center for Applied Economics, New York University.
  5. Hintermaier, Thomas, 2004. "A Sunspot Paradox," Economics Series 150, Institute for Advanced Studies.
  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, Econometric Society, vol. 50(6), pages 1345-70, November.
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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. 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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