English, Article, Journal or magazine article edition: A computational General Equilibrium Model with Vintage Capital Loic Cadiou; Stephane Dees; Jean-Pierre Laffargue

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Bookmark: http://trove.nla.gov.au/version/159195
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • A computational General Equilibrium Model with Vintage Capital
Author
  • Loic Cadiou
  • Stephane Dees
  • Jean-Pierre Laffargue
Physical Description
  • preprint
Notes
  • This paper presents a vintage capital model assuming putty-clay investment and perfect foresight. The model is written in discrete time and is simulated by using a second order relaxation algorithm. By computing the eigenvalues of the dynamic system, we have first checked the conditions of existence and uniqueness of a solution (Blanchard and Khan's conditions) and identified the echo effect that characterizes vintage capital models and the related dynamics of creation and destruction. By calibrating the model on French data, it has been proved useful to explain the medium-term movements in the distribution of income in France during the last three decades.
  • Vintage capital models; replacement echoes; dynamic model solving; medium-term dynamics
  • RePEc:cii:cepidt:2000-20
Language
  • English
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