On the solution of the growth model with investment-specific technological change

被引：0
|
作者：
Fernandez-Villaverde, Jesus
Rubio-Ramirez, Juan F.
机构：
[1] Duke Univ & Res Dept, Fed Reserve Bank Atlanta, Atlanta, GA 30309 USA
[2] Univ Penn, NBER, Philadelphia, PA 19104 USA
[3] Duke Univ, CPER, Philadelphia, PA 19104 USA
来源：
APPLIED ECONOMICS LETTERS | 2007年 / 14卷 / 7-9期
关键词：
D O I：
10.1080/13504850600592564
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Recent work by Greenwood et al. (1997, 2000) and Fisher (2003) has emphasized the importance of investment-specific technological change as a main driving force behind long-run growth and the business cycle. This article shows how the growth model with investment-specific technological change has a closed-form solution if capital fully depreciates. This solution furthers our understanding of the model and it constitutes a useful benchmark to check the accuracy of numerical procedures to solve dynamic macroeconomic models in cases with several state variables.
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页码：549 / 553
页数：5
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