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Temporal aggregation in a multi-sector economy with endogenous growth

✍ Scribed by Jean Mercenier; Philippe Michel

Publisher: Elsevier Science
Year: 2001
Tongue: English
Weight: 136 KB
Volume: 25
Category: Article
ISSN: 0165-1889
DOI: 10.1016/s0165-1889(99)00051-2

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✦ Synopsis

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), 635}656]. We introduce the property of steady growth invariance * that the long-term growth of the continuous-time economy not be a!ected 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 su$cient conditions on the discretization.

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