Articlehybrid1991

Vintage capital, investment, and growth

193 citations0/0 files storedJournal of Economic Theory

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Economic Growth and Productivity Economic Theory and Policy Economic theories and models

Abstract

We study the dynamics of growth and investment in a continuous time model with vintage capital. Vintage capital models may be characterized by non-exponential rates of depreciation and technical change and can incorporate “gestation lags” as well as “learning by using.” We investigate the effect of such features on the dynamics of investment and growth and show how they can contribute to explaining the volatile nature of investment time-series.

Citations in this library

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References

1979The hopf bifurcation and the existence and stability of closed orbits in multisector models of optimal economic growth

Cited by

1997Replacement Echoes in the Vintage Capital Growth Model 2005Dynamic analysis of patent policy in an endogenous growth model 2004Vintage capital and the dynamics of the AK model 1998Vintage Capital and Inequality 2007Technology Shocks and Job Flows 2002The Dynamics of Technological Unemployment*1998Creative Destruction, Investment Volatility, and the Average Age of Capital 2004Anticipation effects of technological progress on capital accumulation: a vintage capital approach

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