Biblioteca de la Universidad Complutense de Madrid

The short-run dynamics of optimal growyh models with delays

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Collard, Fabrice y Licandro, Omar y Puch, Luis A. (2003) The short-run dynamics of optimal growyh models with delays. [ Documentos de trabajo. Instituto Complutense de Análisis Económico (ICAE); nº 0311, 2003, ]

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URL Oficial: http://http://eprints.ucm.es/7715/




Resumen

Differential equations with advanced and delayed time arguments may arise in the optimality conditions of simple growth models with delays. Models with investment gestation lags (time-to-build), consumption gestation lags (habit formation) or learning by using lie in this category. In this paper, we propose a shooting method to deal with leads and lags in the Euler system associated to dynamic general
equilibrium models in continuous time. We introduce the discussion describing the dynamics that emerge under various assumptions on learning by using and gestation lags. Then, we implement the numerical method we propose to solve for the short run dynamics of a neoclassical growth model with a simple time-to-build lag.


Tipo de documento:Documento de trabajo o Informe técnico
Información Adicional:

JEL clasification: O40, E32, C63

Palabras clave:Time-to-build, Shooting method, DDEs
Materias:Ciencias Sociales > Economía > Econometría
Título de serie o colección:Documentos de trabajo. Instituto Complutense de Análisis Económico (ICAE)
Volumen:2003
Número:0311
Código ID:7715
Referencias:

Asea, P. and P. Zak (1999), "Time-to-build and cycles," Journal of Economic Dynamics and Control 23, 1155-1175.

Benhabib, J. and A. Rustichini (1991), "Vintage capital, investment, and growth," Journal of Economic Theory 55, 323-339.

Boucekkine, R., M. Germain and O. Licandro (1997), "Replacement echoes in the vintage capital growth model," Journal of Economic Theory 74, 333-348.

Boucekkine, R., O. Licandro and C. Paul (1997), "Differential-difference equations in economics: On the numerical solution of vintage capital growth models," Journal of Economic Dynamics and Control 21, 347-362.

Carroll, C., J. Overland and D. Weil (2000), "Saving and Growth with Habit Formation," American Economic Review 90(3), 341-355.

Kolmanovskii, V. and A. Myshkis (1998), Introduction to the Theory and Applications of Functional Differential Equations. Kluwer Academic Publishers.

Judd, K.L. (1998), Numerical methods in economics, The MIT Press.

Paul, C. (1997), "A user-guide to Archi," Technical Report 283, Department of Mathematics, University of Manchester.

Depositado:11 Mar 2008
Última Modificación:06 Feb 2014 07:55

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