The replacement problem

被引：57

作者：

Cooley, TF

Greenwood, J

Yorukoglu, M ^{[1
]}

机构：

[1] Univ Chicago, Dept Econ, Chicago, IL 60637 USA

[2] Univ Rochester, Dept Econ, Rochester, NY 14627 USA

[3] Univ Rochester, William E Simon Grad Sch Business Adm, Rochester, NY 14627 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 1997年 / 40卷 / 03期

基金：

美国国家科学基金会;

关键词：

investment-specific technological change; vintage capital; economic growth;

D O I：

10.1016/S0304-3932(97)00055-X

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

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.

引用

页码：457 / 499

页数：43

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