期刊名称：Dresden Discussion Paper Series in Economics / Dresden University of Technology, Faculty of Business Management and Economics
印刷版ISSN：0945-4829
出版年度：2009
卷号：1
出版社：Dresden
摘要：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.
关键词：Business cycle models with poisson shocks, RBC models in continuous time, Delay differential equations.
