| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP11593
|
| DP11593 Firm Dynamics in the Neoclassical Growth Model |
| Omar Licandro
|
| 发表日期 | 2016-11-01
|
| 出版年 | 2016
|
| 语种 | 英语
|
| 摘要 | This paper integrates firm dynamics theory into the Neoclassical growth framework. It embeds selection into an otherwise standard dynamic general equilibrium model of one good, two production factors (capital and labor) and competitive markets. Selection relies on firm specific investment: i) capital is a fixed production factor --playing the role of an entry cost, ii) the productivity of capital is firm specific, but observed after investment, iii) firm specific capital is partially reversible --its opportunity cost plays the same role as fixed production costs.
At equilibrium, aggregate technology is Neoclassical, but the average quality of capital is endogenous and positively related to selection; due to capital irreversibility, the marginal product of capital is larger than the user cost and capital depreciation positively depends on selection. At steady state, output per capita and welfare both raise with selection; rendering capital more reversible or increasing the variance of the idiosyncratic shock both raise selection, productivity, output per capita and welfare. |
| 主题 | Macroeconomics and Growth
|
| 关键词 | Firm dynamics
Entry and exit
Selection
Neoclassical growth model
Ramsey
Hopenhayn
Capital irreversibility
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| URL | https://cepr.org/publications/dp11593
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540407
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推荐引用方式
GB/T 7714 |
Omar Licandro. DP11593 Firm Dynamics in the Neoclassical Growth Model. 2016.
|
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