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Time-to-Build Echoes

Author

Listed:
  • Fabrice Collard
  • Omar Licandro
  • Luis A. Puch

Abstract

In an optimal growth model with a time-to-build delay, the feasibility condition is a delayed-differential equation, and the Euler-type condition is an advanced-differential equation. As in Kalecki's theory of business cycles, the delayed nature of the feasibility constraint naturally induces cycles. However, the advanced nature of the Euler-type equation dampens fluctuations through smoothing, making the economy converge by oscillations. We refer to this result as time-to-build echoes.

Suggested Citation

  • Fabrice Collard & Omar Licandro & Luis A. Puch, 2006. "Time-to-Build Echoes," Working Papers 2006-16, FEDEA.
  • Handle: RePEc:fda:fdaddt:2006-16
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    File URL: http://documentos.fedea.net/pubs/dt/2006/dt-2006-16.pdf
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    References listed on IDEAS

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    1. Darius Lakdawalla & Tomas Philipson, 2002. "The Growth of Obesity and Technological Change: A Theoretical and Empirical Examination," Working Papers 0203, Harris School of Public Policy Studies, University of Chicago.
    2. repec:aph:ajpbhl:1994:84:5:807-813_3 is not listed on IDEAS
    3. Chesher, Andrew & Irish, Margaret, 1987. "Residual analysis in the grouped and censored normal linear model," Journal of Econometrics, Elsevier, vol. 34(1-2), pages 33-61.
    4. Rivers, Douglas & Vuong, Quang H., 1988. "Limited information estimators and exogeneity tests for simultaneous probit models," Journal of Econometrics, Elsevier, vol. 39(3), pages 347-366, November.
    5. Anderson, Patricia M. & Butcher, Kristin F. & Levine, Phillip B., 2003. "Maternal employment and overweight children," Journal of Health Economics, Elsevier, vol. 22(3), pages 477-504, May.
    6. John Cawley, 2000. "Body Weight and Women's Labor Market Outcomes," NBER Working Papers 7841, National Bureau of Economic Research, Inc.
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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. Omar Licandro & Luis A. Puch, 2006. "Is Discrete Time a Good Representation of Continuous Time?," Economics Working Papers ECO2006/28, European University Institute.
    3. Mauro Bambi, 2006. "Endogenous Growth and Time-to-Build: the AK Case," Economics Working Papers ECO2006/17, European University Institute.

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