Arbeitspapier
Analytical and Numerical Solution of a Poisson RBC model
This paper analyses a RBC model in continuous time featuring deterministic incremental development of technology and stochastic fundamental inventions arriving according to a Poisson process. Other than in standard RBC models, shocks are uncorrelated, irregular and rather seldom. In two special cases analytical solutions are presented. In the general case a delay differential equation (DDE) has to be solved. Standard numerical solution methods fail, because the steady state is path dependent. A new solution based on a modified method of steps for DDEs provides not only approximations but also upper and lower bounds for optimal consumption path and steady state.
- Sprache
-
Englisch
- Erschienen in
-
Series: Dresden Discussion Paper Series in Economics ; No. 05/04
- Klassifikation
-
Wirtschaft
Business Fluctuations; Cycles
One, Two, and Multisector Growth Models
Optimization Techniques; Programming Models; Dynamic Analysis
Miscellaneous Mathematical Tools
Computable General Equilibrium Models
- Thema
-
Business cycle models with poisson shocks
RBC models in continuous time
Delay differential equations
Real Business Cycle
Schock
Stochastischer Prozess
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Schlegel, Christoph
- Ereignis
-
Veröffentlichung
- (wer)
-
Technische Universität Dresden, Fakultät Wirtschaftswissenschaften
- (wo)
-
Dresden
- (wann)
-
2004
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Schlegel, Christoph
- Technische Universität Dresden, Fakultät Wirtschaftswissenschaften
Entstanden
- 2004
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