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Endogenous Growth Theory in a Vintage Capital Model

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  • Bardhan, Pranab
  • Priale, Rodrigo

Abstract

This is a model of quality ladder of machines in an endogenous growth context, when some machines are scrapped while others coexist with the latest variety, with the economic life of machines endogenously determined as in old vintage-capital models. Policies that affect this economic life of machines (for example, those influencing the gross savings or investment rate, or trade policy in a two-sector open economy) will have an effect on the long-run growth rate.

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Bibliographic Info

Paper provided by Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley in its series Center for International and Development Economics Research, Working Paper Series with number qt1xf503b5.

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Date of creation: 07 Jun 1996
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Handle: RePEc:cdl:ciders:qt1xf503b5

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Keywords: economic obsolescence; modernization of capital; endogenous productivity growth; international economics;

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References

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  1. J. Bradford De Long & Lawrence H. Summers, . "Equipment Investment and Economic Growth," J. Bradford De Long's Working Papers _122, University of California at Berkeley, Economics Department.
  2. Williamson, Jeffrey G, 1971. "Optimal Replacement of Capital Goods: The Early New England and British Textile Firm," Journal of Political Economy, University of Chicago Press, vol. 79(6), pages 1320-34, Nov.-Dec..
  3. Bardhan, Pranab & Kletzer, Ken, 1984. "Dynamic effects of protection on productivity," Journal of International Economics, Elsevier, vol. 16(1-2), pages 45-57, February.
  4. Wolff, Edward N, 1991. "Capital Formation and Productivity Convergence over the Long Term," American Economic Review, American Economic Association, vol. 81(3), pages 565-79, June.
  5. Young, Alwyn, 1995. "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience," The Quarterly Journal of Economics, MIT Press, vol. 110(3), pages 641-80, August.
  6. Grossman, Gene M & Helpman, Elhanan, 1991. "Quality Ladders in the Theory of Growth," Review of Economic Studies, Wiley Blackwell, vol. 58(1), pages 43-61, January.
  7. Ethier, Wilfred J, 1982. "National and International Returns to Scale in the Modern Theory of International Trade," American Economic Review, American Economic Association, vol. 72(3), pages 389-405, June.
  8. Segerstrom, Paul S & Anant, T C A & Dinopoulos, Elias, 1990. "A Schumpeterian Model of the Product Life Cycle," American Economic Review, American Economic Association, vol. 80(5), pages 1077-91, December.
  9. Boucekkine, Raouf & Germain, Marc & Licandro, Omar, 1997. "Replacement Echoes in the Vintage Capital Growth Model," Journal of Economic Theory, Elsevier, vol. 74(2), pages 333-348, June.
  10. Bardhan, Pranab, 1969. "Equilibrium Growth in a Model with Economic Obsolescence of Machines," The Quarterly Journal of Economics, MIT Press, vol. 83(2), pages 312-23, May.
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Cited by:
  1. BOUCEKKINE, Raouf & del RIO, Fernando & LICANDRO, Omar, 2002. "Obsolescence and modernization in the growth process," CORE Discussion Papers 2002067, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Funk, Peter, 2008. "Entry and growth in a perfectly competitive vintage model," Journal of Economic Theory, Elsevier, vol. 138(1), pages 211-236, January.
  3. Peter Funk, 2005. "Competition and Growth in a Vintage Knowledge Model," Working Paper Series in Economics 15, University of Cologne, Department of Economics.
  4. Hsieh, Chang-Tai, 2001. "Endogenous growth and obsolescence," Journal of Development Economics, Elsevier, vol. 66(1), pages 153-171, October.

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