Download or read book On the Asymptotic Behaviour of a Vintage Capital Model of Economic Growth written by Pham Chí Thanh and published by . This book was released on 1967 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book On the Assymptotic Behaviour of a Vintage Capital Model of Economic Growth written by Phan Chi Thanh and published by . This book was released on 1967 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Convergence in Neoclassical Vintage Capital Growth Models written by Brett D. Berger and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most growth models assume capital is homogeneous. This contradicts intuition and empirical evidence that the majority of technology is embodied in the capital stock. Classic papers from the late 1950's and 1960's show that non-optimization models display the same asymptotic growth rates whether technology is embodied (vintage capital) or disembodied. This paper uses new numerical optimization techniques to solve for the entire time paths of the key economic variables for optimization versions of the three main types of vintage capital models. The conclusion is that although steady state growth rates may be the same, the transition paths, especially as characterized by convergence rates, vary greatly between the vintage and non-vintage capital models.
Download or read book The Replacement Problem written by Thomas F. Cooley and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We construct a vintage capital model of economic growth in which the decision to replace old technologies with new ones is modeled explicitly. Depreciation in this environment is an economic, not a physical concept. We describe the balanced growth paths and the transitional dynamics of this economy. We illustrate the importance of vintage capital by analyzing the response of the economy to fiscal policies designed to stimulate investment in new technologies. A revised version of this paper is published in the Journal of Monetary Economics, v. 40, no. 3(December 1997):457-499.
Download or read book A Vintage Capital Model of Investment and Growth written by Jess J. Benhabib and published by . This book was released on 1989 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Growth Shortage and Efficiency written by János Kornai and published by Univ of California Press. This book was released on 1982-01-01 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monograph of lectures presenting a macroeconomic model of economic growth characteristics and inherent obstacles in planned economies in Eastern Europe - discusses issues relating to shortages of investment resources, capital goods and consumer goods and labour shortages, impact on growth rates, production and marketing inefficiency, stabilization, etc. Diagrams, graphs, references and statistical tables.
Download or read book The Theory of Capital written by D C Hagued and published by Springer. This book was released on 1961-01-01 with total page 419 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Putty putty Two Sector Vintage Capital Growth Models written by Brett D. Berger and published by . This book was released on 2001 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Economic Fluctuations in a Vintage Capital Model written by Wuttipan Tantivong and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: ABSTRACT: I use the vintage capital model to study the dynamic response of the economy to changes in technological processes. Technological change is an important factor in determining the growth of productivity and output and in determining the business cycle in United States. Of particular interest is investment-specific technological change or embodied technological change.
Download or read book Journal of Economic Literature written by and published by . This book was released on 1997 with total page 658 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Vintage Capital in the AK Growth Model written by Giorgio Fabbri and published by . This book was released on 2008 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper deals with an endogenous growth model with vintage capital and, more precisely, with the AK model proposed in [18]. In endogenous growth models the introduction of vintage capital allows to explain some growth facts but strongly increases the mathematical diamp;fficulties. So far, in this approach, the model is studied by the Maximum Principle; here we develop the Dynamic Programming approach to the same problem by obtaining sharper results and we provide more insight about the economic implications of the model. We explicitly amp;find the value function, the closed loop formula that relates capital and investment, the optimal consumption paths and the long run equilibrium. The short run amp;fluctuations of capital and investment andthe relations with the standard AK model are analyzed. Finally the applicability to other models s also discussed.
Download or read book Vintage Capital and Inequality written by Boyan Jovanovic and published by . This book was released on 1998 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: If machines are indivisible, a vintage capital model must give rise to income inequality. If new machines are always better than old ones and if society cannot provide everyone with a new machine all of the time, inequality will result. I explore this mechanism in detail. If technology resides in machines and if a firm or worker must use just one technology at a time, a variety of machines will be in use, and workers' productivities will differ. This is because not everyone can be given the latest vintage machine all of the time. Inequality thus originates in the limited capacity of the capital goods sector. If machine quality and skill are complements, a worker who is paired with the best machine will acquire more skill, and inequality persists indefinitely. Moreover, if the used equipment market or the process of labor turnover function without frictions, a perfect positive assignment between the quality of labor and of capital can be maintained by a process of continual reassignment. This serves to enhance the degree of equilibrium inequality. Paradoxically, in this type of model, free migration of labor across borders raises cross-country inequality instead of lowering it as it does in some other models.
Download or read book Capital and Growth written by John Hicks and published by . This book was released on 1965 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Study of economic theory of capital and economic growth - includes dynamic economics, growth equilibrium and optimum growth. Mathematical appendices.
Download or read book A London Bibliography of the Social Sciences written by and published by . This book was released on 1973 with total page 668 pages. Available in PDF, EPUB and Kindle. Book excerpt: Vols. 1-4 include material to June 1, 1929.
Download or read book Capital Deepening and Non Balanced Economic Growth written by Daron Acemoglu and published by . This book was released on 2010 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper constructs a model of non-balanced economic growth. The main economic force is the combination of differences in factor proportions and capital deepening. Capital deepening tends to increase the relative output of the sector with a greater capital share, but simultaneously induces a reallocation of capital and labor away from that sector. We first illustrate this force using a general two-sector model. We then investigate it further using a class of models with constant elasticity of substitution between two sectors and Cobb-Douglas production functions in each sector. In this class of models, non-balanced growth is shown to be consistent with an asymptotic equilibrium with constant interest rate and capital share in national income. We also show that for realistic parameter values, the model generates dynamics that are broadly consistent with US data. In particular, the model generates more rapid growth of employment in less capital-intensive sectors, more rapid growth of real output in more capital-intensive sectors and aggregate behavior in line with the Kaldor facts. Finally, we construct and analyze a model of quot;non-balanced endogenous growth,quot; which extends the main results of the paper to an economy with endogenous anddirected technical change. This model shows that equilibrium will typically involve endogenous non-balanced technological progress.
Download or read book Capital Accumulation in a Model of Growth and Creative Destruction written by Klaus Wälde and published by . This book was released on 2001 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Vintage Capital and the Theory of the Firm written by Hugh Robert Wills and published by . This book was released on 1974 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt:
