The replacement problem

• 成果类型: Article
• 署名作者: Cooley, TF; Greenwood, J; Yorukoglu, M
• 署名单位: University of Chicago; University of Rochester; University of Rochester
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(97)00055-X
• 发表日期: 1997
• 页码: 457-499
• 关键词: investment-specific technological change; vintage capital; Economic growth

摘要

A prototypical vintage capital model of economic growth is developed, where the decision to replace old technologies with new ones is modeled explicitly. Technological change is investment specific. Depreciation in this environment is an economic, not a physical, concept. The vintage capital economy's balanced-growth paths and transitional dynamics are analyzed, The transitional dynamics are markedly different from the standard neoclassical growth model. (C) 1997 Elsevier Science B.V. All rights reserved.