On the solution of the growth model with investment-specific technological change
By: Jesús Fernández-Villaverde and Juan Francisco Rubio-Ramírez.
Contributors: Rubio-Ramírez, Juan Francisco.; Federal Reserve Bank of Atlanta.
Series: Working paper series / Federal Reserve Bank of Atlanta ;; 2004-39; Working paper series (Federal Reserve Bank of Atlanta : Online) ;; 2004-39.
Publisher: Federal Reserve Bank of Atlanta
Published: 2004
Place of publication: [Atlanta, Ga.]
Language: eng
Format: Electronic resource
Description: "Recent work by Greenwood, Hercowitz, and Krusell (1997 and 2000) and Fisher (2003) has emphasized the importance of investment-specific technological change as a main driving force behind long-run growth and the business cycle.  This paper shows how the growth model with investment-specific technological change has a closed-form solution if capital fully depreciates.  This solution furthers our understanding of the model, and it constitutes a useful benchmark to check the accuracy of numerical procedures to solve dynamic macroeconomic models in cases with several state variables"--Federal Reserve Bank of Atlanta web site.
Notes: Includes bibliographical references.
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