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3 edition of Transition dynamics in vintage capital models found in the catalog.

Transition dynamics in vintage capital models

Simon Gilchrist

Transition dynamics in vintage capital models

explaining the postwar catch-up of Germany and Japan

by Simon Gilchrist

  • 385 Want to read
  • 27 Currently reading

Published by National Bureau of Economic Research in Cambridge, Mass .
Written in English

    Subjects:
  • Germany -- Economic conditions -- Econometric models,
  • Japan -- Economic conditions -- Econometric models

  • Edition Notes

    StatementSimon Gilchrist, John C. Williams.
    SeriesNBER working paper series -- no. 10732., Working paper series (National Bureau of Economic Research) -- working paper no. 10732.
    ContributionsWilliams, John C., National Bureau of Economic Research.
    The Physical Object
    Pagination29 p. :
    Number of Pages29
    ID Numbers
    Open LibraryOL17624116M
    OCLC/WorldCa56669118

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Transition dynamics in vintage capital models by Simon Gilchrist Download PDF EPUB FB2

Transition Dynamics in Vintage Capital Models: Explaining the Postwar Catch-Up of Germany and Japan⁄ Simon Gilchrist Boston University and NBER Bay State Road Boston, MA [email protected] and John C.

Williams Federal Reserve Bank of San Francisco Market St. San Francisco, CA [email protected] July Abstract. Transition Dynamics in Vintage Capital Models: Explaining the Postwar Catch-Up of Germany and Japan Author(s): Simon Gilchrist and John C.

Williams We consider a neoclassical interpretation of Germany and Japan's rapid postwar growth that relies on a catch-up mechanism through capital accumulation where technology is embodied in new capital by: Transition Dynamics in Vintage Capital Models: Explaining the Postwar Catch-Up of Germany and Japan Simon Gilchrist, John C.

Williams. NBER Working Paper No. Issued in September NBER Program(s):Economic Fluctuations and Growth, Monetary EconomicsCited by: Transition dynamics in vintage capital models: explaining the postwar catch-up of Germany and Japan We consider a neoclassical interpretation of Germany and Japan's rapid postwar growth that relies on a catch-up mechanism through capital accumulation where technology is embodied in new capital goods.

Transition dynamics in vintage capital models: explaining the postwar catch-up of Germany and Japan postwar growth that relies on a catch-up mechanism through capital accumulation where technology is embodied in new capital goods. Using a putty-clay model of production and investment, we are able to capture many of the key empirical Author: Simon Gilchrist and John C.

Williams. Transition dynamics in vintage capital models: explaining the postwar catch-up of Germany and Japan a neoclassical interpretation of Germany and Japan's rapid postwar growth that relies on a catch-up mechanism through capital accumulation where technology is embodied in new capital goods.

Using a putty-clay model of production and Author: Simon Gilchrist and John C. Williams. Transition Dynamics in Vintage Capital Models: Explaining the Postwar Catch-Up of Germany and Japan. a neoclassical interpretation of Germany and Japan's rapid postwar growth that relies on a catch-up mechanism through capital accumulation where technology is embodied in new capital goods.

Using a putty-clay model of production and Author: Simon Gilchrist and John C. Williams. Abstract Vintage capital growth models have been at the heart of growth theory in the 60s.

This research line collapsed in the late 60s with the so-called embodiment controversy and the technical sophisitication of the vintage models. This paper analyzes the astonishing revival of this literature in the 90s.

dynamics and suggests that along the transition, starting from an initially low level of per-capita variables, their growth rates decline monotonically.

This is the traditional (absolute and conditional) convergence result of the Solow-Swan model. As it is well known (Barro and Sala-i-Martin,Chap. 1) this result crucially hinges upon the. Transition Dynamics in Vintage Capital Models: Explaining the Postwar Catch-Up of Germany and Japan.

We consider a neoclassical interpretation of Germany and Japan?s rapid postwar growth that relies on a catch-up mechanism through capital accumulation where technology is embodied in new capital goods. Get this from a library. Transition dynamics in vintage capital models: explaining the postwar catch-up of Germany and Japan.

[Simon Gilchrist; John C Williams]. Downloadable (with restrictions). Author(s): King, Robert G & Rebelo, Sergio T. Abstract: Neoclassical transitional dynamics are a central element of standard macroeconomic theory.

Quantitative experiments with the fixed-savings-rate models of the s showed lengthy transitions, thus potentially rationalizing sustained differences in growth rates across countries.

Get this from a library. Transition dynamics in vintage capital models: explaining the postwar catch-up of Germany and Japan. [Simon Gilchrist; John C. Get this from a library. Transition dynamics in vintage capital models: explaining the postwar catch-up of Germany and Japan.

[Simon Gilchrist; John C Williams; National Bureau of Economic Research.] -- "We consider a neoclassical interpretation of Germany and Japan's rapid postwar growth that relies on a catch-up mechanism through capital accumulation where technology is.

Recursive Models of Dynamic Linear Economies. Recursive Models of Dynamic Linear Economies Taxation in a Vintage Capital Model. Decentralizing the Household. Contents vii 8. Efficient Computations Transition Dynamics. The Doubling Algorithm. Partitioning the State Vector. This paper deals with an endogenous growth model with vintage capital and, more precisely, with the AK model proposed in [R.

Boucekkine, O. Licandro, L.A. Puch, F. del Rio, Vintage capital and the dynamics of the AK model, J. Econ. Theory (1) () 39–72].

In endogenous growth models the introduction. Journals & Books; Register Sign in. The paper analyzes the structure of optimal trajectories in the one-sector vintage capital model that optimizes the endogenous lifetime of age-structured capital under technological change.

The structural analysis of the optimal trajectories reveals the long-run and transition dynamics of optimal Cited by: model with vintage capital and non-linear utility.

Several cOllsiderations warrant the analysis of vintagc capital growth modcls. First, vintage capital has become a key feature to be incorporated in gTOwth models toward a satisfactory account of the postwar growth experience of the United 1 Second, most of. This item:Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages by Carlota Perez Paperback $ Only 12 left in stock (more on the way).

Ships from and sold by FREE Shipping. Details. Team of Teams: New Rules of Engagement for a Complex World by Gen. Stanley McChrystal Hardcover $Cited by: 1 Transitional Dynamics in Bewley Models So far, we focused on stationary equilibria of economies with heterogeneous agents and incomplete markets.

However, certain policy questions that can be asked in this class of models are better addressed by computing the entire transition path across steady states.

point is captured by the transition probabilities, which can be based on the Moody’s Analytics Empirical Credit Migration model, or on a userprovided transition matrix (e.g., rating- -based migration).

The default state is an absorbing state, so all transition probabilities from the default state to non-default states are Size: KB. Equilibrium of the Solow growth model is described by this equation. together with laws of motion for L(t) (or L¯ (t)) and A(t).

Daron Acemoglu (MIT) Economic Growth Lectures 2 and 3 November 1 and 3, Vintage capital and the dynamics of the AK model¤ Raouf Boucekkine IRES Omar Licandro FEDEA Luis A.

Puch U. Complutense Fernando del Río CEPREMAP December Abstract 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.

An understanding of the qualitative nature of the transitional dynamics of the neociassical model - the process of convergence from an initial capital stock to a steady state growth path - is a key part of the shared knowledge of most economists.

It forms the basis, for example. • Desire for less capital volatility has led to an increased focus on Through the Cycle (TTC) PD models • This session will look at the challenges faced by financial institutions in developing their TTC PD models for retail portfolios • This session will also discuss the two broad methodologies being applied to retail TTC model development.

Simon Gilchrist & John C. Williams, "Transition dynamics in vintage capital models: explaining the postwar catch-up of Germany and Japan," Working Paper SeriesFederal Reserve Bank of San Francisco, revised Simon Gilchrist & John C. Williams, capital should equal the rate of depreciation, or the net return to capital should be zero.

If the marginal product of capital falls below the rate of depreciation, then you are getting back less than you put in, and therefore you are investing too much. Exercise 6. Solow () versus Solow (). a) This is an easy Size: KB. model with vintage capital.

Vintage capital has become a key feature to be incor-porated into growth models toward a satisfactory account of the postwar growth experience of the United States.1 However, existing endogenous growth models with vintage capital (e.g.

Aghion and Howitt (), Parente (), Jovanovic and. — A capital model also does not necessarily forecast cash flows, as would be necessary for an earnings model — A capital model is not considered useful for measuring liquidity risk, as holding capital against liquidity risk is largely viewed as ineffective and inefficient — Reputation risk can be difficult to quantify and model accurately.

Example 1 (Solow model) The dynamics of the Solow growth model can be summarized by the Fundamental Equation (see Barro and Sala-i-Martin,p. 30) k˙ = sf(k)−(n+δ)k. (7) Since capital kis the only variable and capital is a state variable, for which the initial value k(0) isFile Size: KB.

In his all-new book, Modeling the Transition Era, expert modeler Tony Koester takes an in-depth look at the time period (and most popular modeling era) when railroads were changing from steam locomotives to diesel during the s and book includes: An overview of the era -- why diesel replaced steam.

The types of railroad equipment in use/5(9). This chapter presents a model that combines a vintage capital structure with elements of the naive accelerator in an infinitely lived representative agent framework. It discusses empirical tests of the model and presents convincing evidence to support the vintage structure by: Retail Loan Portfolio Dynamics: Becoming a Better Vintner Joseph L.

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My libraryMissing: Transition dynamics  capital models. Most modern dynamic models of macroeconomics build on the framework described in Solow’s () paper.1 To motivate what is to follow, we start with a brief description of the Solow model.

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b) Write down the capital accumulation equation and find mathematically the steady state capital per person, k', and output per person, y'. c) Graph your Solow model and explain the concept of transition dynamics with reference to your graph.

d) Find the Golden Rule capital stock and add it to your graph in (c). Transitional Dynamics and Economic Growth in the Neoclassical Model By ROBERT G. KING AND SERGIO T. REBELO* Neoclassical transitional dynamics are a central element of standard macroeco-nomic theory.

Quantitative experiments with the fixed-savings-rate models of the 's showed lengthy transitions, thus potentially rationalizing sustained dif.Intermediate Macroeconomics: Economic Growth and the Solow Model Eric Sims University of Notre Dame Fall 1 Introduction We begin the course with a discussion of economic growth.

Technically growth just refers to the period-over-period percentage change in a variable. In the media you hear lots of talk aboutFile Size: KB.Capital Models, South Melbourne, Victoria. K likes. Under experienced management, with over 10 years in the industry.

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