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Vintage versus homogeneous capital in simulations of population ageing: does it matter?

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  • Ross Guest
  • Ian Mcdonald

Abstract

The vintage and homogeneous capital forms of the aggregate production function can be calibrated to generate the same output level from a given data set in steady state. However, it is shown show that this equivalence breaks down during the adjustment process to an employment shock, such as that caused by an ageing population. Simulations are conducted illustrating the magnitude of the difference in optimal labour productivity growth under the two models.

Suggested Citation

  • Ross Guest & Ian Mcdonald, 2003. "Vintage versus homogeneous capital in simulations of population ageing: does it matter?," Applied Economics Letters, Taylor & Francis Journals, vol. 10(3), pages 149-153.
  • Handle: RePEc:taf:apeclt:v:10:y:2003:i:3:p:149-153
    DOI: 10.1080/1350485022000043995
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    Cited by:

    1. repec:wsi:serxxx:v:62:y:2017:i:02:n:s021759081550068x is not listed on IDEAS
    2. Renuga Nagarajan & Aurora A.C. Teixeira & Sandra T. Silva, 2013. "The impact of population ageing on economic growth: an in-depth bibliometric analysis," FEP Working Papers 505, Universidade do Porto, Faculdade de Economia do Porto.
    3. Ross S. Guest & Ian M. McDonald, 2010. "Other-Regarding Uzawa Preferences And Living Standard Catch-Up," Pacific Economic Review, Wiley Blackwell, vol. 15(1), pages 87-115, February.
    4. Guest, Ross S. & McDonald, Ian M., 2007. "Global GDP shares in the 21st century -- An equilibrium approach," Economic Modelling, Elsevier, vol. 24(6), pages 859-877, November.

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