Time Representation in Economics

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• Article - Theoretical Economics Letters
• Thema Working Paper

Résumé

Dans cet article, nous étudions les discrétisations polynomiales générales backward et forward looking, ainsi que la préservation des propriétés de stabilité. Nous appliquons ces résultats au modèle de Ramsey. Sa version en temps discret est une discrétisation hybride d’une contrainte budgétaire rétrospective et d’une équation d’Euler prospective. La stabilité du chemin de selle est une propriété robuste sous discrétisation.

Abstract

In this paper, we study general polynomial discretizations in backward and forward looking, and the preservation of stability properties. We apply these results to the Ramsey model. Its discrete-time version is a hybrid discretizations of a backward-looking budget constraint and a forward-looking Euler equation. Saddle-path stability is a robust property under discretization.

Citation

Stefano Bosi and Lionel Ragot, "Time Representation in Economics," Theoretical Economics Letters, Vol. 2 No. 1, 2012, pp. 10-15. doi: 10.4236/tel.2012.21002. 

@ARTICLE{RePEc:cai,
title = {Time Representation in Economics},
author = {Bosi, Stefano and Ragot, Lionel},
year = {2012},
journal = {Theoretical Economics Letters},
volume = {2},
number = {1},
pages = {10-15},
abstract = {In this paper, we study general polynomial discretizations in backward and forward looking, and the preservation of stability properties. We apply these results to the Ramsey model [4]. Its discrete-time version is a hybrid discretizations of a backward-looking budget constraint and a forward-looking Euler equation. Saddle-path stability is a robust property under discretization. },
url = {https://www.scirp.org/pdf/TEL20120100001_58923418.pdf}
}