When Should Firms Invest in Old Capital?
NBER Working Paper No. 14000
---- Acknowledgements -----
I thank Jess Benhabib, Michele Boldrin, Bart Hobijn, Hyeok Jeong, Matthias Kredler, Omar Licandro, Dmitriy Stolyarov, Gianluca Violante, and especially Jeremy Greenwood for comments and the NSF and the Marion Ewing Kauffman Foundation for support. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.