RT Report
T1 Vintage capital and the dynamics of the AK model
A1 Boucekkine, Raouf
A1 Licandro, Omar
A1 Puch, Luis A.
A1 Rio, Fernando del
AB This paper analyzes the equilibrium dynamics of an AK-type endogenous growth model with vintage capital. The inclusion of vintage capital leads to oscillatory dynamics governed by replacement echoes, which additionally influence the intercept of the balanced growth path. These features, which are in sharp contrast to those from the standard AK model, can contribute to explaining the short-run deviations observed bctween investment and growth rates time series. To characterize the convergence properties and the dynamics of the model we develop analytical and numencaJ rnethods that should be of interest for the general resolution of endogenous growth models with vintage capital.
AB En este artículo se analiza la dinámica de un modelo de crecimiento endógeno de la clase AK en presencia de cosechas de capital (vintage capital). La inclusión en el modelo de una estructura vintage da lugar a una dinámica oscilatoria, vinculada a lo que se conoce como ecos de reemplazo, los cuales a su vez tienen efectos sobre el nivel de la senda de crecimiento equilibrado. Esta propiedad contrasta marcadamente con el comportamiento del modelo AK estándar, y puede contribuir a explicar las desviaciones a corto plazo, que se observan en los datos, entre las tasas de inversión y las tasas de crecimiento. Para caracterizar las propiedades de convergencia y la dinámica del modelo se desarrollan métodos analíticos y numéricos que son de interés para la resolución de modelos de crecimiento endógeno con cosechas de capital.
PB Facultad de Ciencias Económicas y Empresariales. Instituto de Análisis Económico (ICAE)
YR 2000
FD 2000
LK https://hdl.handle.net/20.500.14352/64230
UL https://hdl.handle.net/20.500.14352/64230
LA eng
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DS Docta Complutense
RD 8 may 2024