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Crecimiento económico y generaciones de capital

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  • Raouf Boucekkine
  • Omar Licandro
  • Luis A. Puch

Abstract

En este artículo se discute el papel que juega la edad del capital en el crecimiento económico. Con este objetivo revisamos algunos resultados al respecto en modelos de crecimiento endógeno en los que el capital físico es heterogéneo por razón de la edad (vintage capital). Cuando las nuevas máquinas contribuyen al stock de capital, o de conocimiento disponible en la economía, de la misma manera que las máquinas heredadas del pasado, entonces la edad de los equipos no juega ningún papel. Sin embargo, este supuesto que está implícito en el modelo de Arrow de Learning by Doing es muy restrictivo, y en general, la edad del capital tiene efectos sobre el crecimiento económico. En claro contraste con el modelo AK estándar que resulta de los supuestos de Arrow, la inclusión de vintage capital en el modelo AK da lugar a una dinámica oscilatoria gobernada por ecos de reemplazo. Este mecanismo puede contribuir a explicar las desviaciones que se observan en los datos de series temporales entre tasa de crecimiento y tasa de inversión. Más aún, cuando se incorpora la depreciación en los efectos de la experiencia en el modelo de Learning by Doing, dicho mecanismo opera también, y da lugar a una serie de implicaciones de relevancia empírica que se discuten en el artículo.

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Bibliographic Info

Paper provided by FEDEA in its series Working Papers with number 2006-28.

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Date of creation: Dec 2006
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Handle: RePEc:fda:fdaddt:2006-28

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References

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  1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 94(5), pages 1002-37, October.
  2. Jones, Charles I, 1995. "Time Series Tests of Endogenous Growth Models," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 110(2), pages 495-525, May.
  3. Raouf Boucekkine & Marc Germain & Omar Licandro, . "Replacement echoes in the vintage capital growth model," Working Papers, FEDEA 96-16, FEDEA.
  4. BOUCEKKINE, Raouf & GERMAIN, Marc & LICANDRO, Omar & MAGNUS, Alphonse, . "Creative destruction, investment volatility, and the average age of capital," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -1376, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. Benhabib, Jess & Rustichini, Aldo, 1990. "Vintage Capital, Investment And Growth," Working Papers, C.V. Starr Center for Applied Economics, New York University 90-22, C.V. Starr Center for Applied Economics, New York University.
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Cited by:
  1. repec:hal:journl:halshs-00717198 is not listed on IDEAS
  2. d'Albis, Hippolyte & Augeraud-Véron, Emmanuelle & Venditti, Alain, 2010. "Business cycle fluctuations and learning-by-doing externalities in a one-sector model," LERNA Working Papers, LERNA, University of Toulouse 10.13.319, LERNA, University of Toulouse.

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