This paper analyzes the equilibrium dynamics of an AK-type endogenous growth model with vintage 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 present a simple vintage capital growth model in which both exogenous and endogenous fluctuations sources are present. Indeed, it can be seen as a particular case of Caballero and Hammour (1996)'s creative destruction model, with advantage that analytical characterization of...

In this paper, we build up a general equilibrium model explicitly incorporating Schumpeterian growth à la Aghion and Howitt (1992) and a vintage capital structure in line with Solow (1960). In this set-up, we show that the investment rate is a fundamental determinant of the profitability of...

In order to assess the importance of embodiment, we build up an endogenous growth model in which learning by doing is the engine of both embodied and disembodied technological progress. In sharp contrast to Phelps (1962), we show that a change in the composition of technical change affects the...

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. Endogenous growth arises thanks to the accumulation of...

We test a q investment model for Belgium using a multivariate cointegration approach. The introduction of the degree of capacity utilization duc, in addition to investment and average q, is necessary to determine the cointegration space. This supports the idea that marginal q differs from...