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Crecimiento óptimo, depreciación endógena y subutilización del capital


  • José Ramón Ruiz Tamarit

    (Universitat de València)

  • Luis Antonio Puch González

    (Universidad Complutense de Madrid)

  • Omar Licandro

    (Department of Economics. European University Institute (EUI))


This paper examines the stationary equilibrium situation and the dynamic behavior of the main control variables of an economy where investment is subject to adjustment costs and the maintenance of deteriorated capital goods is considered expensive. The optimal intertemporal resources allocation model that we propose considers depreciation and capital utilization rates as two endogenous variables integrated in the decision group. One of the most outstanding results is the optimal and efficient subutilization of capital. On the other hand, the results derived from the golden rule and the modified golden rule associated to the endogenous depreciation model ensure the dynamic efficiency of the economy along the optimal path. Finally, from the convergence perspective, the capital, the production and the per capita consumption as well as the depreciation rate present positive correlation, whereas the investment and capital utilization have an inverse relationship to the previous ones. En este trabajo se examina la situación de equilibrio estacionario y el comportamiento dinámico de las principales variable de control de una economía en la cual se considera que la actividad de inversión está sujeta a costes de ajuste y que el mantenimiento de los bienes de capital deterioradas resulta costoso. El modelo de asignación intertemporal óptima de recursos que planteamos considera la tasa de depreciación y la tasa de utilización del capital como dos variables endógenas, integradas en el conjunto de variables de decisión. Uno de los resultados más sobresalientes es la infrautilización óptima y eficiente del capital. Por otra parte, los resultados derivados de la golden rule y la modified golden rule asociadas al modelo con depreciación endógena aseguran la eficiencia dinámica de la economía a lo largo de la trayectoria óptima. Finalmente, a lo largo de la senda de convergencia, el capital, la producción y el consumo per capita, así como la tasa de depreciación presentan una correlación positiva, mientras que la tasa de inversión y la tasa de utilización del capital aparecen inversamente relacionadas con las anteriores.

Suggested Citation

  • José Ramón Ruiz Tamarit & Luis Antonio Puch González & Omar Licandro, 1998. "Crecimiento óptimo, depreciación endógena y subutilización del capital," Working Papers. Serie EC 1998-05, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  • Handle: RePEc:ivi:wpasec:1998-05

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