Vintage Capital, Optimal Investment and Technology Adoption

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Vintage Capital, Optimal Investment and Technology Adoption

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Benteng, ZOU (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

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Benteng Zou

Abstract

In this paper, we study a vintage capital model under a general equilibrium setting. In this model firms can invest not only on a new vintage capital goods, but also on existing ones. We show that the capital accumulation is a single hum-shape function, featuring slow technology diffusion.

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Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) with number 2003027.

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Length: 25
Date of creation: 01 Dec 2003
Date of revision:
Handle: RePEc:ctl:louvir:2003027

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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

This paper has been announced in the following NEP Reports:

NEP-ALL-2004-04-04 (All new papers)
NEP-DGE-2004-04-04 (Dynamic General Equilibrium)
NEP-INO-2004-04-04 (Innovation)
NEP-MAC-2004-04-04 (Macroeconomics)
NEP-TID-2004-04-04 (Technology & Industrial Dynamics)

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