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Vintage capital and the dynamics of the AK model

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Author Info
Boucekkine, Raouf
Del Rio, Fernando
Licandro, Omar

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Abstract

This paper analyzes the equilibrium dynamics of an AK-type endogenous growth model with vintage capital. The inclusion of vintage capital leads to oscillatory dynamics governed by replacement echoes, which additionnally influence the intercept of the balanced growth path. These features, which are in sharp contrast to those from the standard AK model, can contribute to explaining the short-run deviations observed between investment and growth rates time series to characterize the convergence properties and the dynamics of the model we develope analytical and numerical methods that should be of interest for the general resolution of endogenous growth models with vintage capital.

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Publisher Info
Paper provided by CEPREMAP in its series CEPREMAP Working Papers (Couverture Orange) with number 0003.

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Length: 24 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:cpm:cepmap:0003

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Find related papers by JEL classification:
E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Aghion, Philippe & Howitt, Peter, 1994. "Growth and Unemployment," Review of Economic Studies, Blackwell Publishing, vol. 61(3), pages 477-94, July. [Downloadable!] (restricted)
    Other versions:
  2. Parente Stephen L., 1994. "Technology Adoption, Learning-by-Doing, and Economic Growth," Journal of Economic Theory, Elsevier, vol. 63(2), pages 346-369, August. [Downloadable!] (restricted)
  3. Benhabib, Jess & Rustichini, Aldo, 1991. "Vintage capital, investment, and growth," Journal of Economic Theory, Elsevier, vol. 55(2), pages 323-339, December. [Downloadable!] (restricted)
    Other versions:
  4. Ellen R. McGrattan, 1998. "A defense of AK growth models," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall, pages 13-27. [Downloadable!]
  5. Greenwood, Jeremy & Hercowitz, Zvi & Krusell, Per, 1997. "Long-Run Implications of Investment-Specific Technological Change," American Economic Review, American Economic Association, vol. 87(3), pages 342-62, June. [Downloadable!] (restricted)
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  6. 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. [Downloadable!] (restricted)
    Other versions:
  7. Raouf, BOUCEKKINE & David, DE LA CROIX & Omar, LICANDRO, 2006. "Vintage Capital," Université catholique de Louvain, Département des Sciences Economiques Working Paper 2006014, Université catholique de Louvain, Département des Sciences Economiques. [Downloadable!]
    Other versions:
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Mauro Bambi, 2006. "Endogenous growth and time to build: the AK case," Computing in Economics and Finance 2006 77, Society for Computational Economics. [Downloadable!]
    Other versions:
  2. Hippolyte d'Albis & Emmanuelle Augeraud-Veron, 2004. "Competitive growth in a life-cycle model : existence and dynamics," Cahiers de la Maison des Sciences Economiques v04016, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
    Other versions:
  3. Raouf, BOUCEKKINE & Blanca, MARTINEZ & Cagri, SAGLAM, 2006. "Capital Maintenance Vs Technology Adopton under Embodied Technical Progress," Université catholique de Louvain, Département des Sciences Economiques Working Paper 2006030, Université catholique de Louvain, Département des Sciences Economiques. [Downloadable!]
  4. Raouf Boucekkine & Blanca Martínez & Cagri Saglam, 2006. "Capital Maintenance versus Technology Adoption Under Embodied Technical Progress," Contributions to Macroeconomics, Berkeley Electronic Press, vol. 6(1), pages 1376-1376. [Downloadable!] (restricted)
  5. Raouf, BOUCEKKINE & David de la Croix, 2004. "Modelling vintage structures with DDEs : principles and applications," Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Discussion Paper 2004004, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
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  6. Jorge Durán & Omar Licandro & Luis A. Puch, 2006. "Sobre la medición del crecimiento económico en presencia de progreso técnico incorporado," Working Papers 2006-24, FEDEA. [Downloadable!]
  7. Omar Licandro & Luis A. Puch, 2006. "Is Discrete Time a Good Representation of Continuous Time?," Economics Working Papers ECO2006/28, European University Institute. [Downloadable!]
    Other versions:
  8. Fabbri, Giorgio & Faggian, Silvia & Gozzi, Fausto, 2006. "On the Dynamic Programming approach to economic models governed by DDE's," MPRA Paper 2825, University Library of Munich, Germany. [Downloadable!]
  9. Fabbri, Giorgio, 2007. "Viscosity solutions to delay differential equations in demo-economy," MPRA Paper 2826, University Library of Munich, Germany. [Downloadable!]
  10. Mauro BAMBI & Omar LICANDRO, 2004. "(In)determinacy and Time-to-Build," Economics Working Papers ECO2004/17, European University Institute. [Downloadable!]
  11. Collard, Fabrice & Licandro, Omar & Puch, Luis, 2005. "The Short-Run Dynamics of Optimal Growth Models with Delays," CEPR Discussion Papers 5414, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  12. Gabriel Felbermayr & Omar Licandro, 2005. "The Underestimated Virtues of the Two-sector AK Model," Contributions to Macroeconomics, Berkeley Electronic Press, vol. 5(1), pages 1322-1322. [Downloadable!] (restricted)
    Other versions:
  13. Fabbri, Giorgio & Iacopetta, Maurizio, 2007. "Dynamic Programming, Maximum Principle and Vintage Capital," MPRA Paper 5115, University Library of Munich, Germany. [Downloadable!]
  14. F. Ricci, 2004. "Environmental Policy and Growth when Inputs are Differentiated in Pollution Intensity," THEMA Working Papers 2004-23, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise. [Downloadable!]
    Other versions:
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