Smoothness of the policy function in continuous-time economic models: The one-dimensional case

Manuel S Santos; Jean-Luc Vila

doi:10.1016/0165-1889(91)90042-Y

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Smoothness of the policy function in continuous-time economic models: The one-dimensional case

Journal article

Peer reviewed

Smoothness of the policy function in continuous-time economic models: The one-dimensional case

Manuel S Santos and Jean-Luc Vila

Journal of economic dynamics & control, Vol.15(4), pp.741-753

1991

DOI: https://doi.org/10.1016/0165-1889(91)90042-Y

Abstract

Infinite-horizon continuous-time optimization is often encountered in economic models. Herein we prove the C 1 differentiability of the policy function when the objective is strongly concave and the state is unidimensional.

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Collaboration types: Domestic collaboration; International collaboration
Citation topics: 6 Social Sciences; 6.10 Economics; 6.10.22 Monetary Policy
Web Of Science research areas: Economics
ESI research areas: Economics & Business

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Title: Smoothness of the policy function in continuous-time economic models: The one-dimensional case
Creators: Manuel S Santos - Departament d'Economia i Història Econòmica and Institut d'Anàlisi Econòmica, CSIC, Universitat Autònoma de Barcelona, Spain
Jean-Luc Vila - Sloan School of Management, MIT, Cambridge, MA 02139, USA
Publication Details: Journal of economic dynamics & control, Vol.15(4), pp.741-753
Publisher: Elsevier B.V
Academic Unit: Miami Herbert Business School; MHBS - Economics
Language: English
Resource Type: Journal article
Record Identifier: 991031614292102976