Transition dynamics in vintage capital models
Subtitle: explaining the postwar catch-up of Germany and Japan
By: Simon Gilchrist, John C. Williams.
Contributors: Williams, John C.; National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 10732; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 10732.
Publisher: National Bureau of Economic Research
Published: 2004
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Subjects: Germany -- Economic conditions -- Econometric models.; Japan -- Economic conditions -- Econometric models.
Description: "We consider a neoclassical interpretation of Germany and Japan's rapid postwar growth that relies on a catch-up mechanism through capital accumulation where technology is embodied in new capital goods.  Using a putty-clay model of production and investment, we are able to capture many of the key empirical properties of Germany and Japan's postwar transitions, including persistently high but declining rates of labor and total-factor productivity growth, a U-shaped response of the capital-output ratio, rising rates of investment and employment, and moderate rates of return to capital"--National Bureau of Economic Research web site.
Notes: Includes bibliographical references.
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