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| Author: | Boucekkine, R. Rio, F. del Licandro, O. |
| Title: | Endogenous vs exogenously driven fluctuations in vintage capital models |
| Journal: | Journal of Economic Theory
1999 : SEP, VOL. 88:1, p. 161-187 |
| Index terms: | Job creation Capital goods Profitability Models |
| Language: | eng |
| Abstract: | In this paper, a particular case of the creative destruction model of Caballero and Hammour (1996) is presented in which both exogenous and endogenous fluctuation sources are present. It is shown that job creation follows a delayed differential equation with periodic coefficients. It is mathematically shown that job creation is asymptotically periodic, with the same period as the profitability cycle. Furthermore, using an explicit numerical method, it is found that replacement echoes generally dominate the short run dynamics. Finally, it is found that the combination of the two fluctuations sources favors the appearance of asymmetries in job creation and job destruction patterns. |
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