English, Article, Journal or magazine article edition: Temporal aggregation in a multi-sector economy with endogenous growth Jean Mercenier; Philippe Michel

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Bookmark: http://trove.nla.gov.au/version/75260
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Temporal aggregation in a multi-sector economy with endogenous growth
Author
  • Jean Mercenier
  • Philippe Michel
Physical Description
  • preprint
Notes
  • We provide a theoretical treatment of temporal aggregation in models that exhibit long-term endogenously-generated steady growth; hence generalizing our previous analysis (Econometrica 62, 1994, pp. 635-56). We introduce the property of steady-growth invariance - that the long-term growth of the continuous-time economy not be affected by the discretization - which imposes consistency restrictions on the joint formulation of preferences and stock accumulation of the discrete-time approximation. We establish, under mild conditions, these restrictions in the form of necessary and sufficient conditions on the discretization.
  • Economic development
  • RePEc:fip:fedmwp:554
Language
  • English
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