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Discrete Versus Continuous Time in an Endogenous Growth Model with Durable Consumption
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Manuel A. Gómez
Published/Copyright:
October 8, 2014
Abstract
The choice of time as a discrete or continuous variable may radically affect the stability of equilibrium in an endogenous growth model with durable consumption. In the continuous-time model the steady state is locally saddle-path stable with monotonic convergence. However, in the discrete-time model the steady state may be unstable or saddle-path stable with monotonic or oscillatory convergence.
Published Online: 2014-10-8
Published in Print: 2014-11-30
©2014 Walter de Gruyter Berlin/Boston
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Articles in the same Issue
- Frontmatter
- On the Infinite-Dimensional Representation of Stochastic Controlled Systems with Delayed Control in the Diffusion Term
- A Homotopy Analysis Method for the Option Pricing PDE in Post-Crash Markets
- Monopoly, Social Welfare, and Multi Product Quality
- Understanding Voting Behaviour in Complex Political Systems
- Discrete Versus Continuous Time in an Endogenous Growth Model with Durable Consumption
- A Solution for General Exchange Markets with Indivisible Goods when Indifferences are Allowed
- A Perishable Inventory Model with Bonus Service for Certain Customers, Balking and N + 1 Policy
