Vintage capital and the dynamics of the AK model

Raouf Boucekkine (), Omar Licandro (), Luis Puch and Fernando del Río

No 2000-01, Working Papers from FEDEA

Abstract: This paper analyzes the equilibrium dynamics of an AK-type endogenous growth model with vingage 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 between investment and growth rates time series. To characterize the convergence properties and the dynamics of the model we develop analytical and numerical methods that should be of interest for the general resolution of endogenous growth models with vintage capital.

Keywords: Endogenous growth; Vintage capital; AK model (search for similar items in EconPapers)
JEL-codes: E22 E32 O40 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dev, nep-dge and nep-tid
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Citations: View citations in EconPapers (4)

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Related works:
Journal Article: Vintage capital and the dynamics of the AK model (2005)
Working Paper: Vintage capital and the dynamics of the AK model (2005)
Working Paper: Vintage capital and the dynamics of the AK model (2003)
Working Paper: Vintage Capital And the Dynamics of the AK Model (2002)
Working Paper: Vintage capital and the dynamics of the AK model (2000)
Working Paper: Vintage Capital and the Dynamics of the AK Model (2000)
Working Paper: Vintage Capital and the Dynamics of the AK Model (1999)
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