In a dynamic general equilibrium setup, this paper highlights the role of vintages and creative destruction in business fluctuations. By stressing the forward-looking characteristic of the optimal scrapping rule, we use a standard rational expectations argument to show the constancy of the...

En este artículo describimos algunos de los patrones recientes de la inversión en España. Para ello examinamos tanto los datos agregados de la Contabilidad Nacional como los datos desagregados que proporcionan diversas encuestas, todo ello con especial énfasis en la evolución de la...

Due to the use of distortionary taxation, many believe that real-world economies should attain a lower level of public expenditures than one might suspect from the analysis of artificial models where lump-sum taxes are assumed to be available. The paper examines this popular hypothesis by means...