Template-type: ReDIF-Paper 1.0
Author-Name: Raouf Boucekkine
Author-Email: boucekkine@core.ucl.ac.be
Author-Workplace-Name: Université catholique de Louvain
Author-Name: Omar Licandro
Author-Email: omar.licandro@iue.it
Author-Person: 
Author-Workplace-Name: European University Institute
Author-Name: Luis A. Puch
Author-Email: lpuch@ccee.ucm.es
Author-Homepage: https://www.ucm.es/fundamentos-analisis-economico2/luis-a-puch
Author-Person: ppu1 
Author-Workplace-Name: Departamento de Economía Cuantitativa (Department of Quantitative Economics), Facultad de Ciencias Económicas y 
	Empresariales (Faculty of Economics and Business), Universidad Complutense de Madrid.
Author-Workplace-Homepage: https://www.ucm.es/fundamentos-analisis-economico2
Author-Name: Fernando del Rio
Author-Email: aedelrio@usc.es
Author-Workplace-Name: Universidad Santiago de Compostela
Title: Vintage capital and the dynamics of the AK model
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 between investment and growth rates time series. To characterize the optimal 
	solutions of the model we develop analytical and numerical methods that should be of interest for 
	the general resolution of endogenous growth models with vintage capital.
Classification-JEL: E22, E32, O40.
Keywords: Endogenous growth, Vintage capital, AK model, Differencedifferential equations
Length: 39 pages 
Creation-Date: 2003 
X-File-Ref: http://america.sim.ucm.es/repec/ucm/ref/doicae0310.txt
File-URL: https://eprints.ucm.es/id/eprint/7690/1/0310.pdf
File-Format: Application/pdf
Handle: RePEc:ucm:doicae:0310