In an optimal growth model with a time-to-build delay, the feasibility condition is a delayed-differential equation, and the Euler-type condition is an advanced-differential equation. As in Kalecki's theory of business cycles, the delayed nature of the feasibility constraint naturally induces...

We provide a simple theory of in.ation inertia in a staggered price setting framework a la Calvo (1983). Contrary to Calvo.s formulation, the frequency of price changes is allowed to vary according to an evolutionary criterion. Inertia is the direct result of gradual adjustment in this frequency...

This paper analyzes the equilibrium dynamics of and optimal growth model that incorporates endogenous depreciation, variable capital utilization, and expenditures on the maintenance of physical capital. Maintenance acts as a substitute for investment, since it reduces the depreciation of...

This paper examines how a scrappage subsidy affects the lifetime of durable goods when secondhand markets are present. To this end, we propose a vintage model to analyze the replacement decision in an economy in which high and low income agents trade on a durable good. Thus, the existence of a...

In the automobile sector, it is a usual practice that independent carmakers engage in the development and production of a common car model, the so-called twin-cars. From the point of view of the marketing literature, we claim that carmakers should not charge different brand premia on separate...

El presente trabajo pretende, a partir de la Encuesta Económica al Sector Industrial (EESI) elaborada por el Instituto de Estadística de la CAM, analizar el estado y la evolución de la tecnología a nivel de establecimiento en el sector industrial madrileño. En primer lugar se presenta una...