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The Replacement Problem
Thomas F. Cooley
Jeremy Greenwood
Mehmet Yorukoglu
出版
SSRN
, 2008
URL
http://books.google.com.hk/books?id=_F7jzwEACAAJ&hl=&source=gbs_api
註釋
We construct a vintage capital model of economic growth in which the decision to replace old technologies with new ones is modeled explicitly. Depreciation in this environment is an economic, not a physical concept. We describe the balanced growth paths and the transitional dynamics of this economy. We illustrate the importance of vintage capital by analyzing the response of the economy to fiscal policies designed to stimulate investment in new technologies. A revised version of this paper is published in the Journal of Monetary Economics, v. 40, no. 3(December 1997):457-499.
