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Time-to-Build Echoes

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  • 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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    References listed on IDEAS

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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. Mauro Bambi, 2006. "Endogenous growth and time to build: the AK case," Computing in Economics and Finance 2006 77, Society for Computational Economics.
    3. Luis A. Puch & Omar Licandro, 2006. "Is Discrete Time a Good Representation of Continuous Time?," Working Papers 2006-20, FEDEA.

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