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Vintage Capital, Investment And Growth

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Author Info

  • Benhabib, Jess
  • Rustichini, Aldo

Abstract

We study the dynamics of growth and investment in a continuous time model with vintage capital. Vintage capital models may be characterized by non-exponential rates of depreciation and technical change and can incorporate "gestation lags" as well as "learning by doing". We investigate the effect of such features on the dynamics of investment and growth and show how they can contribute to explain the volatile nature of investment time-series.

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File URL: http://econ.as.nyu.edu/docs/IO/9393/RR90-22.pdf
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Bibliographic Info

Paper provided by C.V. Starr Center for Applied Economics, New York University in its series Working Papers with number 90-22.

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Length: 43 pages
Date of creation: 1990
Date of revision:
Handle: RePEc:cvs:starer:90-22

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Postal: C.V. Starr Center, Department of Economics, New York University, 19 W. 4th Street, 6th Floor, New York, NY 10012
Phone: (212) 998-8936
Fax: (212) 995-3932
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Web page: http://econ.as.nyu.edu/object/econ.cvstarr.html
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Postal: C.V. Starr Center, Department of Economics, New York University, 19 W. 4th Street, 6th Floor, New York, NY 10012
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Related research

Keywords: capital ; investments ; economic growth;

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References

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  1. McKenzie, Lionel W., 1979. "Optimal Economic Growth and Turnpike Theorems," Working Papers 267, California Institute of Technology, Division of the Humanities and Social Sciences.
  2. Mitra, Tapan & Wan, Henry Jr., 1986. "On the faustmann solution to the forest management problem," Journal of Economic Theory, Elsevier, vol. 40(2), pages 229-249, December.
  3. Mitra, Tapan & Wan, Henry Y, Jr, 1985. "Some Theoretical Results on the Economics of Forestry," Review of Economic Studies, Wiley Blackwell, vol. 52(2), pages 263-82, April.
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