A vintage model with endogenous growth and human capital

Jess Benhabib

    Research output: Contribution to journalArticle

    Abstract

    We develop an endogenous growth model with vintages of physical capital where human capital is endogenously produced. Under some simplifying assumptions, we can solve the model analytically and study its dynamics. We provide conditions under which a balanced growth path, in the ratio of capital to human capital, exists and is stable, with the transition dynamics exhibiting oscillatory echo effects associated with vintages.

    Original languageEnglish (US)
    Pages (from-to)27-35
    Number of pages9
    JournalInternational Journal of Economic Theory
    Volume15
    Issue number1
    DOIs
    StatePublished - Mar 2019

    Keywords

    • endogenous growth
    • vintage capital

    ASJC Scopus subject areas

    • Economics and Econometrics

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