; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "The Replacement Problem"; ; "batchuser@example.com"; "Cooley, Thomas F.", "Greenwood, Jeremy, 1953-", "Yorukoglu, Mehmet"; "Federal Reserve Bank of Minneapolis"; "O41 - One, Two, and Multisector Growth Models", "E13 - General Aggregative Models: Neoclassical", "E22 - Investment; Capital; Intangible Capital; Capacity"; "We construct a vintage capital model of economic growth in which the decision to replace old technologies with new ones is modeled explicitly. Depreciation in this environment is an economic, not a physical concept. We describe the balanced growth paths and the transitional dynamics of this economy. We illustrate the importance of vintage capital by analyzing the response of the economy to fiscal policies designed to stimulate investment in new technologies. "^^; "1994-12-01"; "2019-05-21T16:43:59.55962402+00:00"^^; "https://doi.org/10.21034/dp.95"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Wed Apr 22 16:40:40 2020"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "870", "150", "296"; "Discussion paper (Federal Reserve Bank of Minneapolis. Institute for Empirical Macroeconomics)"; "095"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Institute for Empirical Macroeconomics"; "Published in: _Journal of Monetary Economics_ (Vol. 40, No. 3, December 1997, pp. 457-499) https://doi.org/10.1016/S0304-3932(97)00055-X."^^; ; "Publication" . ; .