Theoretical Economics Letters

Volume 2, Issue 1 (February 2012)

ISSN Print: 2162-2078   ISSN Online: 2162-2086

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Time Representation in Economics

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DOI: 10.4236/tel.2012.21002    5,920 Downloads   13,409 Views  Citations

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.

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S. Bosi and L. Ragot, "Time Representation in Economics," Theoretical Economics Letters, Vol. 2 No. 1, 2012, pp. 10-15. doi: 10.4236/tel.2012.21002.

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