Temporal aggregation in a multi-sector economy with endogenous growth

Jean Mercenier () and Philippe Michel

No 554, Working Papers from Federal Reserve Bank of Minneapolis

Abstract: 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.

Keywords: Economic; development (search for similar items in EconPapers)
Date: 1995
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Citations: View citations in EconPapers (3)

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Related works:
Journal Article: Temporal aggregation in a multi-sector economy with endogenous growth (2001)
Working Paper: Temporal Aggregation in a Multi-Sector Economy with Endogenous Growth (1995)
Working Paper: Temporal Aggregation in a Multi-Sector Economy with Endogenous Growth (1995)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedmwp:554

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