ThŽophile, AZOMAHOU (BETA, UniversitŽ Louis Pasteur, Srasbourg) Raouf, BOUCEKKINE (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES) and UNIVERSITE CATHOLIQUE DE LOUVAIN, Center for Operations Research and Econometrics (CORE)) Phu, NUYEN VAN (BETA, UniversitŽ Louis Pasteur, Strasbourg)
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We first provide an empirical sstudy of the energy-saving technological progress on the ENERDATA database. Energy intensity is shown to decrease over the period 1971-1999 in OECD countries, indicating a significant energy-saving technical progress trend. We also show via semiparametric partially linear estimations that : (i) this trend is positively correlated with the investment rate, and (ii) the marginal productivity of investment has accelerated in the sub-period 1985-1999 compared to 1971-1984. Second, we build a general equilibrium vintage capital model with embodied energy-saving technical progress to formalize these findings. In this set-up, we study to which extent a steady increase in the marginal productivity of investment and/or scrapping subsidies could compensate the output loss due to a cut in energy use. The latter fiscal policy is shown to be particularly inefficient in this respect, even under rapid energy-saving technical progress. In the end, our model predicts that the implementation of Kyoto-like protocols in the computers age is much less painful than what it could have been two decades ago.
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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.:
Raouf Boucekkine & David de la Croix & Omar Licandro, 2006.
"Vintage Capital,"
Economics Working Papers
ECO2006/8, European University Institute.
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Other versions:
BOUCEKKINE, Raouf & DE LA CROIX, David & LICANDRO, Omar, 2006.
"Vintage capital,"
CORE Discussion Papers
2006024, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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