@techreport{NBERt0211,
 title = "Time-to-Build and Cycles",
 author = "Patrick K. Asea and Paul J. Zak",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Technical Working Paper Series",
 number = "211",
 year = "1997",
 month = "May",
 URL = "http://www.nber.org/papers/t0211",
 abstract = {We analyze the dynamics of a simple growth model in which production occurs with a delay while new capital is installed (time-to-build).  The time-to-build technology is shown to yield a system of functional (delay) differential equations with a unique steady state.  We demonstrate that the steady state, though typically a saddle, may exhibit Hopf cycles on a measurable set of the parameter space.  Furthermore, the optimal path to the steady state is oscillatory.  A counter-example to the claim that intrinsically oscillatory on the central technical apparatus   the mathematics of functional differential equations.},
}