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Models for Dynamic Macroeconomics$
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Fabio-Cesare Bagliano and Giuseppe Bertola

Print publication date: 2004

Print ISBN-13: 9780199266821

Published to Oxford Scholarship Online: January 2005

DOI: 10.1093/0199266824.001.0001

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Dynamic Models of Investment

Dynamic Models of Investment

Chapter:
(p.47) 2 Dynamic Models of Investment
Source:
Models for Dynamic Macroeconomics
Author(s):

Fabio-Cesare Bagliano (Contributor Webpage)

Giuseppe Bertola

Publisher:
Oxford University Press
DOI:10.1093/0199266824.003.0002

Introduces continuous‐time Hamiltonian and stochastic calculus techniques in the presence of convex adjustment costs or irreversibility constraints. Dynamic optimality conditions and phase diagram illustrations formalize important qualitative insights as to the role of expectations in the study of firms’ investment decisions, highlighting their forward‐looking character.

Keywords:   adjustment costs, expectations, Hamiltonian, phase diagram, stochastic calculus

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