search query: @author Kehoe, P. / total: 3
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| Author: | Atkeson, A. Kehoe, P. |
| Title: | Models of energy use: putty-putty venus putty-clay |
| Journal: | American Economic Review
1999 : SEP, VOL. 89:4, p. 1028-1043 |
| Index terms: | ECONOMICS MODELS ENERGY |
| Language: | eng |
| Abstract: | One model the authors consider is a putty-putty model developed by Pindyck and Julio J.Rotemberg (1983). The key features of this model are that capital and energy are highly complementary and that capital is subject to adjustment costs. Because of the adjustment costs, the capital stock moves slowly over time in response to changes in energy prices. Since energy and capital are highly complementary in production, energy moves slowly as well. |
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