Models of Energy Use: Putty-Putty Versus Putty-Clay
构建了一个油灰-黏土模型，其中资本品与能源以不同固定比例组合，并证明在特定条件下，均衡求解可简化为仅含两个内生状态变量的动态规划问题，从而避免高维诅咒，用于分析能源使用、投资和工资的动态。
In this paper, we build a version of the putty-clay model in which there is a large variety of types of capital goods which are combined with energy in different fixed proportions. Our principal contribution is to establish easily checked conditions under which the problem of solving for the equilibrium of the model economy reduces to a dynamic programming problem with only two endogenous state variables, regardless of the number of different types of capital goods that are allowed. In appropriate applications, this result allows us to avoid the 'curse of dimensionality' that typically plagues attempts to analyze the dynamics of economies with a wide variety of capital goods and binding non-negativity constraints on investment. We apply these results to study the equilibrium dynamics of value-added, investment, wages, and energy use in a simple model of energy use with putty-clay capital.