Vintage capital and the dynamics of the AK model

1. Boucekkine, Raouf
2. Licandro, Omar
3. Puch, Luis A.
4. Río Iglesias, Fernando del

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Abstract

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

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