{"id":{"repo_id":"qucosa-diss","oai_identifier":"oai:qucosa:de:qucosa:24392"},"canonical_url":"https://search.dev.ndltd.org/etd/qucosa-diss/oai:qucosa:de:qucosa:24392","repository":{"repo_id":"qucosa-diss","name":"QUCOSA","base_url":"http://www.qucosa.de/oai/"},"display":{"title":"Business Cycle Models with Embodied Technological Change and Poisson Shocks","abstract":"The first part analyzes an Endogenous Business Cycle model with embodied technological change. Households take an optimal decision about their spending for consumption and financing of R&D. The probability of a technology invention occurring is an increasing function of aggregate R&D expenditure in the whole economy. New technologies bring higher productivity, but rather than applying to the whole capital stock, they require a new vintage of capital, which first has to be accumulated before the productivity gain can be realized. The model offers some valuable features: Firstly, the response of output following a technology shock is very gradual; there are no jumps. Secondly, R&D is an ongoing activity; there are no distinct phases of research and production. Thirdly, R&D expenditure is pro-cyclical and the real interest rate is counter-cyclical. Finally, long-run growth is without scale effects. The second part analyzes a RBC model in continuous time featuring deterministic incremental development of technology and stochastic fundamental inventions arriving according to a Poisson process. In a special case an analytical solution is 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 method is presented which is based on a modified method of steps for DDEs. It provides not only approximations but also upper and lower bounds for optimal consumption path and steady state. Furthermore, analytical expressions for the long-term equilibrium distributions of the stationary variables of the model are presented. The distributions can be described as extended Beta distributions. This is deduced from a methodical result about a delay extension of the Pearson system.","abstract_html":"The first part analyzes an Endogenous Business Cycle model with embodied technological change. Households take an optimal decision about their spending for consumption and financing of R&D. The probability of a technology invention occurring is an increasing function of aggregate R&D expenditure in the whole economy. New technologies bring higher productivity, but rather than applying to the whole capital stock, they require a new vintage of capital, which first has to be accumulated before the productivity gain can be realized. The model offers some valuable features: Firstly, the response of output following a technology shock is very gradual; there are no jumps. Secondly, R&D is an ongoing activity; there are no distinct phases of research and production. Thirdly, R&D expenditure is pro-cyclical and the real interest rate is counter-cyclical. Finally, long-run growth is without scale effects. The second part analyzes a RBC model in continuous time featuring deterministic incremental development of technology and stochastic fundamental inventions arriving according to a Poisson process. In a special case an analytical solution is 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 method is presented which is based on a modified method of steps for DDEs. It provides not only approximations but also upper and lower bounds for optimal consumption path and steady state. Furthermore, analytical expressions for the long-term equilibrium distributions of the stationary variables of the model are presented. The distributions can be described as extended Beta distributions. This is deduced from a methodical result about a delay extension of the Pearson system.","abstract_has_math":false,"creators":["Schlegel, Christoph"],"institution":"Technische Universität Dresden","degree_name":null,"degree_level":"thesis.doctoral","degree_discipline":null,"degree_department":null,"school":null,"contributors":["Wälde, Klaus","Karmann, Alexander","Bretschger, Lucas"],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2004,"date_issued":"2004-05-28","date_published":"2004-05-28","updated_at":"2026-07-24T03:58:02Z","subjects":["Endogene Konjunkturzyklen","Funktional-Differentialgleichungen","Investitionsgebundener Technologischer Fortschritt","Poisson DGL","RBC Modelle in Stetiger Zeit","Delay Differential Equations","Embodied Technological Change","Endogenous Business Cycles","Poisson SDE","RBC Models in Continuous Time"],"languages":[],"rights":[],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":null,"outbound_label":null,"outbound_source":null},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Wälde, Klaus","Karmann, Alexander","Bretschger, Lucas"]},{"key":"dc:creator","label":"Author","values":["Schlegel, Christoph"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:publisher","label":"Institution","values":["Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden","Technische Universität Dresden"]},{"key":"dc:type","label":"Dc Type","values":["doctoralThesis"]},{"key":"thesis:degree_level","label":"Degree Level","values":["thesis.doctoral"]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["Technische Universität Dresden"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Endogene Konjunkturzyklen","Funktional-Differentialgleichungen","Investitionsgebundener Technologischer Fortschritt","Poisson DGL","RBC Modelle in Stetiger Zeit","Delay Differential Equations","Embodied Technological Change","Endogenous Business Cycles","Poisson SDE","RBC Models in Continuous Time"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.abstract","label":"Abstract","values":["The first part analyzes an Endogenous Business Cycle model with embodied technological change. Households take an optimal decision about their spending for consumption and financing of R&D. The probability of a technology invention occurring is an increasing function of aggregate R&D expenditure in the whole economy. New technologies bring higher productivity, but rather than applying to the whole capital stock, they require a new vintage of capital, which first has to be accumulated before the productivity gain can be realized. The model offers some valuable features: Firstly, the response of output following a technology shock is very gradual; there are no jumps. Secondly, R&D is an ongoing activity; there are no distinct phases of research and production. Thirdly, R&D expenditure is pro-cyclical and the real interest rate is counter-cyclical. Finally, long-run growth is without scale effects. The second part analyzes a RBC model in continuous time featuring deterministic incremental development of technology and stochastic fundamental inventions arriving according to a Poisson process. In a special case an analytical solution is 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 method is presented which is based on a modified method of steps for DDEs. It provides not only approximations but also upper and lower bounds for optimal consumption path and steady state. Furthermore, analytical expressions for the long-term equilibrium distributions of the stationary variables of the model are presented. The distributions can be described as extended Beta distributions. This is deduced from a methodical result about a delay extension of the Pearson system."]},{"key":"dc:title","label":"Title","values":["Business Cycle Models with Embodied Technological Change and Poisson Shocks"]}]}],"canonical_facts":{"dc:contributor":["Wälde, Klaus","Karmann, Alexander","Bretschger, Lucas"],"dc:creator":["Schlegel, Christoph"],"dc:description.abstract":["The first part analyzes an Endogenous Business Cycle model with embodied technological change. Households take an optimal decision about their spending for consumption and financing of R&D. The probability of a technology invention occurring is an increasing function of aggregate R&D expenditure in the whole economy. New technologies bring higher productivity, but rather than applying to the whole capital stock, they require a new vintage of capital, which first has to be accumulated before the productivity gain can be realized. The model offers some valuable features: Firstly, the response of output following a technology shock is very gradual; there are no jumps. Secondly, R&D is an ongoing activity; there are no distinct phases of research and production. Thirdly, R&D expenditure is pro-cyclical and the real interest rate is counter-cyclical. Finally, long-run growth is without scale effects. The second part analyzes a RBC model in continuous time featuring deterministic incremental development of technology and stochastic fundamental inventions arriving according to a Poisson process. In a special case an analytical solution is 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 method is presented which is based on a modified method of steps for DDEs. It provides not only approximations but also upper and lower bounds for optimal consumption path and steady state. Furthermore, analytical expressions for the long-term equilibrium distributions of the stationary variables of the model are presented. The distributions can be described as extended Beta distributions. This is deduced from a methodical result about a delay extension of the Pearson system."],"dc:publisher":["Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden","Technische Universität Dresden"],"dc:subject":["Endogene Konjunkturzyklen","Funktional-Differentialgleichungen","Investitionsgebundener Technologischer Fortschritt","Poisson DGL","RBC Modelle in Stetiger Zeit","Delay Differential Equations","Embodied Technological Change","Endogenous Business Cycles","Poisson SDE","RBC Models in Continuous Time"],"dc:title":["Business Cycle Models with Embodied Technological Change and Poisson Shocks"],"dc:type":["doctoralThesis"],"thesis:degree_level":["thesis.doctoral"],"thesis:institution_name":["Technische Universität Dresden"]},"updated_at":"2026-07-24T03:58:02Z"}