?url_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&rft.relation=https%3A%2F%2Fmpra.ub.uni-muenchen.de%2F3543%2F&rft.title=The+random-lags+approach%3A+application+to+a+microfounded+model&rft.creator=Bruchez%2C+Pierre-Alain&rft.subject=E32+-+Business+Fluctuations+%3B+Cycles&rft.description=It+is+well+known+that+a+one-dimensional+discrete-time+model+may+yield+endogenous+fluctuations+while+this+is+impossible+in+a+one-dimensional+continuous-time+model.+Invernizzi+and+Medio+(1991)+recast+this+time-modeling+issue+into+an+aggregation+issue.+They+have+proposed+a+%22random-lags+approach%22+as+a+way+of+preserving+fluctuations+while+relaxing+the+discrete-time+assumption.+The+present+paper+applies+this+approach+to+the+model+of+Aghion%2C+Bacchetta+and+Banerjee+(2000)%2C+and+shows+that+their+result+that+economies+at+an+intermediate+level+of+financial+development+may+be+prone+to+economic+fluctuations+continues+to+hold+when+the+discrete-time+assumption+is+relaxed.&rft.date=2007-04-02&rft.type=MPRA+Paper&rft.type=NonPeerReviewed&rft.format=application%2Fpdf&rft.language=en&rft.identifier=https%3A%2F%2Fmpra.ub.uni-muenchen.de%2F3543%2F1%2FMPRA_paper_3543.pdf&rft.identifier=++Bruchez%2C+Pierre-Alain++(2007)%3A+The+random-lags+approach%3A+application+to+a+microfounded+model.++++&rft.language=en