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Vintage capital growth theory: Three breakthroughs

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  • Raouf Boucekkine

    ()

  • David de la Croix

    ()

  • Omar Licandro

    ()

Abstract

Vintage capital growth models have been at the heart of growth theory in the 60s. This research line collapsed in the late 60s with the so-called embodiment controversy and the technical sophisitication of the vintage models. This paper analyzes the astonishing revival of this literature in the 90s. In particular, it outlines three methodological breakthroughs explaining this resurgence: a growth accounting revolution, taking advantage of the availability of new time series, an optimal control revolution allowing to safely study vintage capital optimal growth models, and a vintage human capital revolution, along with the rise of economic demography, accounting for the vintage structure of human capital similarly to physical capital age structuring. The related literature is surveyed.

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Bibliographic Info

Paper provided by Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC) in its series UFAE and IAE Working Papers with number 875.11.

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Length: 30
Date of creation: 15 Jun 2011
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Handle: RePEc:aub:autbar:875.11

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Keywords: Vintage capital; embodied technical progress; growth accounting; optimal control; endogenous growth; vintage human capital; demography.;

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References

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  1. Silvia Faggian & Fausto Gozzi, 2008. "Optimal investment models with vintage capital: Dynamic Programming approach," Working Papers 174, Department of Applied Mathematics, Università Ca' Foscari Venezia.
  2. Boucekkine, Raouf & Licandro, Omar & Puch, Luis A. & del Rio, Fernando, 1999. "Vintage Capital and the Dynamics of the AK Model," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2000009, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  3. David de la Croix & Omar Licandro, . "Life expectancy and endogenous growth," Working Papers 97-23, FEDEA.
  4. BOUCEKKINE, Raouf & DE LA CROIX, David & PEETERS, Dominique, 2005. "Early literacy achievements, population density and the transition to modern growth," CORE Discussion Papers 2005026, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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  7. BOUCEKKINE, Raouf & DEL RIO, Fernando & LICANDRO, Omar, . "Obsolescence and modernization in the growth process," CORE Discussion Papers RP -1759, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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Cited by:
  1. Schröder, Philipp J.H. & Sørensen, Allan, 2012. "Firm exit, technological progress and trade," European Economic Review, Elsevier, vol. 56(3), pages 579-591.

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