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The Replacement Problem

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Author Info

  • Cooley, T.F.
  • Greenwood, J.
  • Yorukoglu, M.

Abstract

A prototypical vintage capital model of economic growth is developed, where the decision to replace old technologies with new ones is modeled explicitly. Technological change is investment specific. Depreciation in this environment is an economic , not a physical concept.

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Bibliographic Info

Paper provided by University of Rochester - Center for Economic Research (RCER) in its series RCER Working Papers with number 444.

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Length: 39 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:roc:rocher:444

Contact details of provider:
Postal: University of Rochester, Center for Economic Research, Department of Economics, Harkness 231 Rochester, New York 14627 U.S.A.

Related research

Keywords: INVESTMENTS ; TECHNOLOGICAL CHANGE ; ECONOMIC GROWTH;

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References

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