Gilchrist, Simon (contributor); … - 2002 - [Elektronische Ressource]
), provides an al-
ternative description of production and capital accumulation that breaks the tight
restrictions on short …
. (11)
8
If we assume that δ
j
=1− (1 − δ)
j−1
and M = ∞, we obtain the following capital
accumulation equation
K
t
=(1− δ … aggregate level. Both of these factors enter the model through the capital
accumulation equation and are equivalent to a …