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Vintage Capital, Optimal Investment and Technology Adoption

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  • Benteng, ZOU

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

Abstract

In this paper, we study a vintage capital model under a general equilibrium setting. In this model firms can invest not only on a new vintage capital goods, but also on existing ones. We show that the capital accumulation is a single hum-shape function, featuring slow technology diffusion.

Suggested Citation

  • Benteng, ZOU, 2003. "Vintage Capital, Optimal Investment and Technology Adoption," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2003027, Universit√© catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  • Handle: RePEc:ctl:louvir:2003027
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    File URL: http://sites.uclouvain.be/econ/DP/IRES/2003-27.pdf
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    Keywords

    Embodiment; Technology adoption; Vintage capital;

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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