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Numerical solution by iterative methods of a class of vintage capital models

Article Abstract:

Research constructing an iterative numerical procedure aimed at solving models of vintage capital growth is presented. Particular attention is given to the relaxation numerical procedure based on a step-by-step maximization updating schemes.

Author: Boucekkine, Raouf, Germain, Marc, Licandro, Omar, Magnus, Alphonse
Publisher: Elsevier B.V.
Publication Name: Journal of Economic Dynamics & Control
Subject: Economics
ISSN: 0165-1889
Year: 2001
Growth, Numerical analysis, Relaxation methods (Mathematics)

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Replacement echoes in the vintage capital growth model

Article Abstract:

Replacement echoes do not vanish under the Ramsey model, and disappearing echoes under the Solow vintage capital model is due to assumptions about investment equilibrium. The dynamics of the vintage capital Ramsey model with instantaneous linear utility are described. Given any initial investment profile, the model derives a recurring pattern starting at a well-defined date. The stationary equilibrium will be the same though firms have varying starting investment profiles because equilibrium is based only on the aggregate initial investment profile.

Author: Boucekkine, Raouf, Germain, Marc, Licandro, Omar
Publisher: Elsevier B.V.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1997
Research, Business cycles, Equilibrium (Economics), Capital movements

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Endogenous vs exogenously driven fluctuations in vintage capital models

Article Abstract:

A case of a job destruction model in which both endogenous and exogenous fluctuations occur is examined. Results show that a delayed differential equation with periodic coefficients precedes job creation. The delay is equal to the capital goods' optimal age while there is also equality between the periods of the coefficients and the profitability cycle. Findings show that asymmetries in job creation and job destruction patterns are supported by the two fluctuations sources.

Author: Boucekkine, Raouf, Licandro, Omar, Rio, Fernando del
Publisher: Elsevier B.V.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1999
Employment, Job creation

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Subjects list: Models, Capital, Econometrics, Business models
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