The new U.S. data from NIPA contradict some of the well-known Kaldor stylized facts, and call for a reformulation of the modern theory of economic growth. Among these new facts, three must be stressed: A permanent decline in the relative price of durable goods, a permanent increase in the real...

La caida sostenida del precio de los bienes de equipo, relativo al de los bienes de consumo, se interpreta como unamanifestación de progreso técnico incorporado (PTI). En este artículo revisaremos la metodología de la medición del crecimiento y veremos que la presencia de PTI nos obliga a...

In order to evaluate the performance of the Plan Prever (a scrapping scheme introduced by the Spanish government in 1997), we propose a model of car replacement. It is based in the recent literature on investment goods replacement and allows for a quantitative evaluation of the effects on car's...

This paper analyzes the equilibrium dynamics of an AK-type endogenous growth model with vingage 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...

In this paper we study the investment behavior of manufacturing firms using data from the Encuesta Económica al Sector Industrial compiled by the Statistical Office of Madrid's Regional Government. In the first part of the paper, we describe firms' investment behavior. We find that investment...

We study how economic growth is affected by demographics in an overlapping generations model with a realistic survival law. Individuals optimally chose the dates at which they leave school to enter the labor market and at which they retire. Endoneous growth arises thanks to the accumulation of...