TIME-TO-BUILD, GROWTH AND WELFARE - E
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TIME-TO-BUILD, GROWTH AND WELFARE (*)
Esther Fernández
Jesús Ruiz
Instituto Complutense de Análisis Económico (ICAE)
Universidad Complutense de Madrid
Campus de Somosaguas
28223 Madrid
ABSTRACT
In an AK endogenous growth setup with a time-to-build investment technology, the steadystate growth rate and the level of welfare are shown not to be independent ot the time
distribution of the financing of an investment project. We emphasize that welfare effects in
the AK model are of opposite sign to those arising in an exogenous growth model when both
theorical economies share the same long-run growth rate and the same steady state real
interest rate.
RESUMEN
En una modelo AK de crecimiento endógeno con tecnología de inversión time-to-build, tanto
la tasa de crecimiento de estado estacionario como el nivel de bienestar dependen de la
distribución temporal de financiación de un proyecto de inversión. Además, se muestra que
los efectos que sobre el bienestar provocan los cambios en la citada distribución temporal en
el modelo AK tienen el signo contrario a los efectos que surgen en el modelo de crecimiento
exógeno, cuando las economías modelizadas tienen la misma tasa de crecimiento de largo
plazo y el mismo tipo de interés real de estado estacionario.
(*)
We are grateful to A. Novales for helpful comments and suggestions. Financial
support from Spanish Ministry of Education through grant PB98-0831 is gratefully
acknowledged.
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