Vintage Capital Accumulation - Endegenous Growth-Conditions

de Mello Jr., Luiz R. (1995) Vintage Capital Accumulation - Endegenous Growth-Conditions. Journal of Macroeconomics, 17 (4). pp. 703-716. ISSN 0164-0704. (The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided)

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Optimal vintage capital accumulation is examined here under asymptotic endogenous growth conditions without input parametrization. It is shown that technological embodiment implies endogeneity of innovations. Vintage capital accumulation and time preference are shown to determine the endogenous rate of vintage capital depletion and the rate at which endogenous innovations occur. A vintage-truncation in capital utilization is shown to induce a time-truncation in the infinite-horizon vintage capital accumulation problem. Factor-augmenting technological change is not assumed a priori, but is shown to be a property of optimal vintage selection under balanced growth conditions.

Item Type: Article
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculties > Social Sciences > School of Economics
Depositing User: P. Ogbuji
Date Deposited: 03 Jun 2009 11:00
Last Modified: 01 Jul 2014 10:33
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