Endogenous vs exogenously driven fluctuations in vintage capital models
Endogenous vs exogenously driven fluctuations in vintage capital models
复制标题
老式资本模型中的内生与外生驱动的波动
DOI：
10.1006/jeth.1999.2554
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发表时间：
1999
影响因子：
1.6
通讯作者：
Omar Licandro
中科院分区：
文献类型：
--
作者：
R. Boucekkine;F. Río;Omar Licandro
在本文中，我们提出了一个简单的老式资本增长模型，其中的外生和内生波动源。事实上，它可以被看作是Caballero和Hammour（1996）的创造性破坏模型的一个特例，其优点是短期和渐近动力学的分析特征是部分允许的。特别是，我们发现，就业机会的创造遵循一个时滞微分方程的周期系数。延迟等于资本货物的最佳年龄，并且可以作为对老式模型固有的内生替代回声的周期性的测量。系数的周期等于外生盈利周期的周期。我们从数学上证明了就业创造是渐进周期性的，与盈利周期相同。此外，使用显式的数值方法，我们发现，更换回波一般占主导地位的短期动态。最后，我们发现，这两个波动源的组合有利于就业创造和就业破坏模式的不对称的外观。
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 the short run and asymptotic dynamics is partially allowed. In particular, we show that job creation follows a delayed-differential equation with periodic coefficients. The delay is equal to the optimal age of capital goods, and can be taken as a measureof the periodicity of the endogenous replacement echoes inherent to vintage models. The period of the coefficients is equal to the period of an exogenous profitability cycle. We mathematically show that job creation is asymptotically periodic, with the same period as the profitability cycle. Furthermore using an explicit numerical method, we find that replacement echoes generally dominate the short run dynamics. Finally, we find that the combination of the two fluctuations sources favors the appearance of asymmetries in job creation and job destruction patterns.