Author: Dan ElfenbeinPublisher:
ISBN:
Category :
Languages : es
Pages : 33
Book Description
Putty-clay capital and energy
Author: Dan ElfenbeinPutty-clay Capital and Energy
Author: Andrew AtkesonPublisher:
ISBN:
Category : Industrial equipment
Languages : en
Pages : 33
Book Description
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.
Models of Energy Use
Author: Andrew AtkesonPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
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.
The Putty-clay Perspective on the Capital-energy Complementarity Debate
Author: Charles S. StruckmeyerPublisher:
ISBN:
Category : Capital
Languages : en
Pages : 40
Book Description
Putty-clay Perspective on the Capital-energy Debate
Author: Energy, the Stock Market and the Putty-clay Investment Model
Author: Chao WeiThe Impact of Energy Price Shocks on Capital Formation and Economic Growth in a Putty-clay Technology
Author: Charles S. StruckmeyerPublisher:
ISBN:
Category : Capital
Languages : en
Pages : 70
Book Description
Putty Clay Technology, Labor and Energy Demand
Author: Göran ErikssonEnergy Price Changes and induced scrapping and revaluation of Capital
Author: Erik BiørnInter Fuel Substitution and Energy Technology Heterogeneity in U.S. Manufacturing
Author: Mark E. DomsPublisher:
ISBN:
Category : Industries
Languages : en
Pages : 84
Book Description