Sobre soluciones discretas y continuas frente a perturbaciones de política: un ejemplo

On Discrete- and Continuous-Time Solutions to Policy Shocks: An Example

Alejo Macaya

MPRA Paper from University Library of Munich, Germany

Abstract: This paper analyzes the solutions to the discrete- and continuous-time versions of Cagan’s [1956] inflation model when the system is subject to a policy change. The analytical solutions for both versions are derived, showing that while the discrete-time solution can be expressed in terms of ordinary functions, the continuous-time version requires the use of generalized functions, or “distributions.” This example also establishes a correspondence between the ways impulses are represented in discrete- and continuous-time models.

Keywords: Cagan model; generalized functions. (search for similar items in EconPapers)
JEL-codes: C0 C02 D0 E0 (search for similar items in EconPapers)
Date: 2005-10
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