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Endogenous Growth and Time-to-Build: the AK Case

  • Mauro Bambi

In this paper, a continuous time AK model is fully analyzed under the time-to-build assumption. Existence and uniqueness of a balance growth path, as well as oscillatory convergence are proved. Moreover, the role of transversality conditions and capital depreciation are highlighted. Numerical simulations are also provided for different choices of the time-to-build delay.

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Paper provided by European University Institute in its series Economics Working Papers with number ECO2006/17.

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Date of creation: 2006
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Handle: RePEc:eui:euiwps:eco2006/17
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  1. Raouf BOUCEKKINE & Omar LICANDRO & Luis A. PUCH & Fernando DEL RIO, 2002. "Vintage Capital And the Dynamics of the AK Model," Economics Working Papers ECO2002/07, European University Institute.
  2. Fabrice Collard & Omar Licandro & Luis A. Puch, 2006. "Time-to-Build Echoes," Working Papers 2006-16, FEDEA.
  3. Mauro BAMBI & Omar LICANDRO, 2004. "(In)determinacy and Time-to-Build," Economics Working Papers ECO2004/17, European University Institute.
  4. Luis A. Puch & Fabrice Collard & Omar Licandro, 2004. "The short-run dynamics of optimal growth models with delays," Computing in Economics and Finance 2004 117, Society for Computational Economics.
  5. Raouf Boucekkine & Marc Germain & Omar Licandro, . "Replacement echoes in the vintage capital growth model," Working Papers 96-16, FEDEA.
  6. 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.
  7. Jess Benhabib & Aldo Rustichini, 1990. "Vintage Capital, Investment and Growth," Discussion Papers 886, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  8. Craig Burnside & Martin Eichenbaum, 1994. "Factor Hoarding and the Propagation of Business Cycles Shocks," NBER Working Papers 4675, National Bureau of Economic Research, Inc.
  9. Greenwood, Jeremy & Hercowitz, Zvi & Huffman, Gregory W, 1988. "Investment, Capacity Utilization, and the Real Business Cycle," American Economic Review, American Economic Association, vol. 78(3), pages 402-17, June.
  10. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November.
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