"d" Along the Business Cycle
AbstractIn this paper we look at the behavior of physical depreciation over the business cycle. We do so within the context of a real business cycle model where the decisions of firms about physical capital utilization, maintenance, improvement and scrapping are endogenous. The model encompasses the baseline real business cycle model, where the depreciation rate (d) is fixed. It also encompasses a version of the GReenwood, Hercowitz and Huffman (1988) model of endogenous physical capital utilization, while it shares features with the Burnside, Eichenbaum and Rebelo (1993) variable work effort model.
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Bibliographic InfoPaper provided by Athens University of Economics and Business in its series DEOS Working Papers with number 93.
Length: 21 pages
Date of creation: 1998
Date of revision:
BUSINESS CYCLES ; CAPITAL;
Other versions of this item:
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
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- George Bitros, 2010. "The theorem of proportionality in contemporary capital theory: An assessment of its conceptual foundations," The Review of Austrian Economics, Springer, vol. 23(4), pages 367-401, December.
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