Real equipment investment in the United States has boomed in recent years, led by soaring investment in computers. We … capital. We document that these two features stem from the special behavior of investment in computers and therefore propose a …

-up mechanism through capital accumulation where technology is embodied in new capital goods. Using a putty-clay model of production …

Most growth models assume capital is homogeneous with regard to technology. This contradicts intuition and empirical … evidence that the majority of technology is embodied in the capital stock. Berger (2001) showed that neoclassical vintage … capital (embodied technology) and non-vintage capital (disembodied technology) models have different convergence rates …