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Is Discrete Time a Good Representation of Continuous Time?

  • Omar Licandro
  • Luis A. Puch

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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Paper provided by European University Institute in its series Economics Working Papers with number ECO2006/28.

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Date of creation: 2006
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Handle: RePEc:eui:euiwps:eco2006/28
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  1. Mauro BAMBI & Omar LICANDRO, 2004. "(In)determinacy and Time-to-Build," Economics Working Papers ECO2004/17, European University Institute.
  2. Benhabib, Jess & Farmer, Roger E.A., 1991. "Indeterminacy and Increasing Returns," Working Papers 91-59, C.V. Starr Center for Applied Economics, New York University.
  3. Patrick Asea & Paul J. Zak, 1997. "Time-to-Build and Cycles," UCLA Economics Working Papers 767, UCLA Department of Economics.
  4. Anagnostopoulos, Alexis & Giannitsarou, Chryssi, 2010. "Modelling Time And Macroeconomic Dynamics," CEPR Discussion Papers 8050, C.E.P.R. Discussion Papers.
  5. Boucekkine, Raouf & Licandro, Omar & Puch, Luis A. & del Rio, Fernando, 2005. "Vintage capital and the dynamics of the AK model," Journal of Economic Theory, Elsevier, vol. 120(1), pages 39-72, January.
  6. Hintermaier, Thomas, 2004. "A Sunspot Paradox," Economics Series 150, Institute for Advanced Studies.
  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. Fabrice Collard & Omar Licandro & Luis A. Puch, 2006. "Time-to-Build Echoes," Working Papers 2006-16, FEDEA.
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