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Autor:innen: 
Erscheinungsjahr: 
2004
Schriftenreihe/Nr.: 
Dresden Discussion Paper Series in Economics No. 05/04
Verlag: 
Technische Universität Dresden, Fakultät Wirtschaftswissenschaften, Dresden
Zusammenfassung: 
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.
Schlagwörter: 
Business cycle models with poisson shocks
RBC models in continuous time
Delay differential equations
JEL: 
E32
O41
C61
C65
C68
Dokumentart: 
Working Paper

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