Vintage capital model

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Jess Benhabib, Aldo Rustichini. We study the dynamics of growth and investment in a continuous time model with vintage capital. Vintage capital models may be characterized by non-exponential rates of depreciation and technical change and can incorporate "gestation lags" as well as "learning by using.

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Published in: International Journal of ManpowerVol. Recent contributions by Hulten and Gort et al. An advantage of models with capital-embodied technology is that current productivity is related to the prior time path of investment.

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This is a model of quality ladder of machines in an endogenous growth context, when some machines are scrapped while others coexist with the latest variety, with the economic life of machines endogenously determined as in old vintage-capital models. Policies that affect this economic life of machines for example, those influencing the gross savings or investment rate, or trade policy in a two-sector open economy will have an effect on the long-run growth rate. Skip to main content. UC Berkeley.

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Please take this quick survey to tell us about what happens after you publish a paper. Journal of Economics. We present a model of capital accumulation and technology adoption in a vintage-capital framework.

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Skip to main content. Tantivong, W. Tantivong, Wuttipan,author Marquis, Milton H.

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Extended version. This paper deals with an endogenous growth model with vintage capital and, more precisely, with the AK model proposed in [18]. In endogenous growth models the introduction of vintage capital allows to explain some growth facts but strongly increases the mathematical difficulties. So far, in this approach, the model is studied by the Maximum Principle; here we develop the Dynamic Programming approach to the same problem by obtaining sharper results and we provide more insight about the economic implications of the model.

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Vintage capital growth models have been at the heart of growth theory in the s. This research line collapsed in the late s with the so-called embodiment controversy and the technical sophisitication of the vintage models. This chapter analyzes the astonishing revival of this literature in the s.

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