The Replacement Problem
Download or Read eBook The Replacement Problem PDF written by Thomas F. Cooley and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle.
| Author | : Thomas F. Cooley |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2008 |
| ISBN-10 | : OCLC:1375195846 |
| ISBN-13 | : |
| Rating | : 4/5 (46 Downloads) |
Book Synopsis The Replacement Problem by : Thomas F. Cooley
Book excerpt: 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.
