Putty clay capital and energy:
In this paper, we build a version of the putty-clay model in which there is a large variety of types of capital goods which are combined with energy in different fixed proportions. Our principal contribution is to establish easily checked conditions under which the problem of solving for the equilib...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
1994
|
| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
4833 |
| Schlagworte: | |
| Zusammenfassung: | In this paper, we build a version of the putty-clay model in which there is a large variety of types of capital goods which are combined with energy in different fixed proportions. Our principal contribution is to establish easily checked conditions under which the problem of solving for the equilibrium of the model economy reduces to a dynamic programming problem with only two endogenous state variables, regardless of the number of different types of capital goods that are allowed. In appropriate applications, this result allows us to avoid the 'curse of dimensionality' that typically plagues attempts to analyze the dynamics of economies with a wide variety of capital goods and binding non-negativity constraints on investment. We apply these results to study the equilibrium dynamics of value-added, investment, wages, and energy use in a simple model of energy use with putty-clay capital. |
| Beschreibung: | 33 S. graph. Darst. |
Internformat
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 4833 | |
| 520 | |a In this paper, we build a version of the putty-clay model in which there is a large variety of types of capital goods which are combined with energy in different fixed proportions. Our principal contribution is to establish easily checked conditions under which the problem of solving for the equilibrium of the model economy reduces to a dynamic programming problem with only two endogenous state variables, regardless of the number of different types of capital goods that are allowed. In appropriate applications, this result allows us to avoid the 'curse of dimensionality' that typically plagues attempts to analyze the dynamics of economies with a wide variety of capital goods and binding non-negativity constraints on investment. We apply these results to study the equilibrium dynamics of value-added, investment, wages, and energy use in a simple model of energy use with putty-clay capital. | ||
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| 700 | 1 | |a Kehoe, Patrick J. |e Verfasser |0 (DE-588)124744540 |4 aut | |
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| geographic | USA |
| geographic_facet | USA |
| id | DE-604.BV010011807 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T17:44:55Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-006638534 |
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| physical | 33 S. graph. Darst. |
| publishDate | 1994 |
| publishDateSearch | 1994 |
| publishDateSort | 1994 |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Atkeson, Andrew 1961- Verfasser (DE-588)128378166 aut Putty clay capital and energy Andrew Atkeson ; Patrick J. Kehoe Putty-clay capital and energy Cambridge, Mass. 1994 33 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 4833 In this paper, we build a version of the putty-clay model in which there is a large variety of types of capital goods which are combined with energy in different fixed proportions. Our principal contribution is to establish easily checked conditions under which the problem of solving for the equilibrium of the model economy reduces to a dynamic programming problem with only two endogenous state variables, regardless of the number of different types of capital goods that are allowed. In appropriate applications, this result allows us to avoid the 'curse of dimensionality' that typically plagues attempts to analyze the dynamics of economies with a wide variety of capital goods and binding non-negativity constraints on investment. We apply these results to study the equilibrium dynamics of value-added, investment, wages, and energy use in a simple model of energy use with putty-clay capital. Kapitaalgoederen gtt Ökonometrisches Modell Industrial equipment United States Econometric models Power resources Prices United States Econometric models Production functions (Economic theory) USA Kehoe, Patrick J. Verfasser (DE-588)124744540 aut National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 4833 (DE-604)BV002801238 4833 |
| spellingShingle | Atkeson, Andrew 1961- Kehoe, Patrick J. Putty clay capital and energy National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Kapitaalgoederen gtt Ökonometrisches Modell Industrial equipment United States Econometric models Power resources Prices United States Econometric models Production functions (Economic theory) |
| title | Putty clay capital and energy |
| title_alt | Putty-clay capital and energy |
| title_auth | Putty clay capital and energy |
| title_exact_search | Putty clay capital and energy |
| title_full | Putty clay capital and energy Andrew Atkeson ; Patrick J. Kehoe |
| title_fullStr | Putty clay capital and energy Andrew Atkeson ; Patrick J. Kehoe |
| title_full_unstemmed | Putty clay capital and energy Andrew Atkeson ; Patrick J. Kehoe |
| title_short | Putty clay capital and energy |
| title_sort | putty clay capital and energy |
| topic | Kapitaalgoederen gtt Ökonometrisches Modell Industrial equipment United States Econometric models Power resources Prices United States Econometric models Production functions (Economic theory) |
| topic_facet | Kapitaalgoederen Ökonometrisches Modell Industrial equipment United States Econometric models Power resources Prices United States Econometric models Production functions (Economic theory) USA |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT atkesonandrew puttyclaycapitalandenergy AT kehoepatrickj puttyclaycapitalandenergy |