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A Theory of Entry and Exit with Embodied Rate of Technical Change

  • Roberto M Samaniego

    ()

    (Department of Economics George Washington University)

The paper presents a vintage capital model that is consistent with the the relationship between the rate of embodied technical change and the rate of entry and exit across industries. In the model, the costs imposed by the regulation of entry may bias the sectoral composition of an economy towards industries in which the rate of technical change is low -- an effect termed technological skew. This prediction matches the empirical relationship between institutional entry costs and several indicators of sectoral composition across industrialized economies

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File URL: http://repec.org/sed2006/up.24170.1140042651.pdf
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Paper provided by Society for Economic Dynamics in its series 2006 Meeting Papers with number 765.

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Date of creation: 03 Dec 2006
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Handle: RePEc:red:sed006:765
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Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA

Web page: http://www.EconomicDynamics.org/
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