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Vintage capital growth theory: Three breakthroughs

AuthorsBoucekkine, Raouf; Croix, David de la
KeywordsVintage capital
Embodied technical progress
Growth accounting
Optimal control
Endogenous growth
Vintage human capital
Issue Date15-Jun-2011
CitationUFAE and IAE Working Papers; 875.11
AbstractVintage capital growth models have been at the heart of growth theory in the 60s. This research line collapsed in the late 60s with the so-called embodiment controversy and the technical sophisitication of the vintage models. This paper analyzes the astonishing revival of this literature in the 90s. In particular, it outlines three methodological breakthroughs explaining this resurgence: a growth accounting revolution, taking advantage of the availability of new time series, an optimal control revolution allowing to safely study vintage capital optimal growth models, and a vintage human capital revolution, along with the rise of economic demography, accounting for the vintage structure of human capital similarly to physical capital age structuring. The related literature is surveyed.
DescriptionJEL numbers: D63, D64, C61, 0 40
Publisher version (URL)http://pareto.uab.es/wp/2011/87511.pdf
Appears in Collections:(IAE) Informes y documentos de trabajo
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