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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

Text 
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.

BibTex 
@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}
}