A note on growth accounting with vintage capital

We show how growth accounting can be performed in the classic vintage capit al model of Solow [Solow, R., 1956. Technical change and the aggregate prod uction function, Review of Economics and Statistics]. The growth in real ou tput can be decomposed into the labor share times the growth of labor plus the gross quasi-rents on capital times the saving rate. We show that data e asily obtained from conventional national income accounts can be used to pe rform this growth accounting. (C) 2001 Elsevier Science BN. All rights rese rved.