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| Author: | Goolsbee, A. |
| Title: | The business cycle, financial performance, and the retirement of capital goods |
| Journal: | Review of Economic Dynamics
1998 : APR, VOL. 1:2, p. 474-496 |
| Index terms: | ECONOMIC DYNAMICS BUSINESS CYCLES CAPITAL GOODS |
| Language: | eng |
| Abstract: | The neoclassical investment literature assumes that capital is homogenous, lives forever, and has a constant depreciation rate. More recent theories of investment have shown that when there are distinct capital vintages with embodied technologies, depreciation and capital retirement become economic decisions and this raises important problems with existing empirical work. Direct testing of these issues, however, has been rare because of the lack of micro data. |
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