Defining capital in growth models
This article analyzes the measurement of the capital stock when technological advance is embodied in capital. The source of the problem is that capital is not homogeneous across vintages. Which measure of the capital stock to use is dictated by the question being addressed.
Volume (Year): (1999)
Issue (Month): Q II ()
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- Gort, M. & Greenwood, J. & Rupert, P., 1998. "Measuring the Rate of Technological Progress in Structures," RCER Working Papers 457, University of Rochester - Center for Economic Research (RCER).
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- Charles R. Hulten, 1992. "Growth Accounting When Technical Change is Embodied in Capital," NBER Working Papers 3971, National Bureau of Economic Research, Inc.
- Franklin M. Fisher, 1965. "Embodied Technical Change and the Existence of an Aggregate Capital Stock," Review of Economic Studies, Oxford University Press, vol. 32(4), pages 263-288.
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