NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

When Should Firms Invest in Old Capital?

Boyan Jovanovic

NBER Working Paper No. 14000
Issued in May 2008

---- 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.

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