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Extra! Extra! Some positive technology shocks are expansionary!

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  • Alexopoulos, Michelle

Abstract

I propose a new measure of technological change for the U.S. and use it to identify the economy's responses to a technology shock. The results suggest that GDP, TFP, and inputs increase following a positive technology shock.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 101 (2008)
Issue (Month): 3 (December)
Pages: 153-156

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Handle: RePEc:eee:ecolet:v:101:y:2008:i:3:p:153-156

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Web page: http://www.elsevier.com/locate/ecolet

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Keywords: Business cycles Technical change Measurement;

References

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  1. Zvi Griliches, 1998. "Patent Statistics as Economic Indicators: A Survey," NBER Chapters, in: R&D and Productivity: The Econometric Evidence, pages 287-343 National Bureau of Economic Research, Inc.
  2. Gali, J., 1996. "Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?," Working Papers, C.V. Starr Center for Applied Economics, New York University 96-28, C.V. Starr Center for Applied Economics, New York University.
  3. Lawrence J. Christiano & Martin Eichenbaum & Robert Vigfusson, 2004. "The Response of Hours to a Technology Shock: Evidence Based on Direct Measures of Technology," NBER Working Papers 10254, National Bureau of Economic Research, Inc.
  4. Shleifer, Andrei, 1986. "Implementation Cycles," Scholarly Articles 3451303, Harvard University Department of Economics.
  5. Susanto Basu & John Fernald & Miles Kimball, 2004. "Are Technology Improvements Contractionary?," NBER Working Papers 10592, National Bureau of Economic Research, Inc.
  6. John Shea, 1999. "What Do Technology Shocks Do?," NBER Chapters, in: NBER Macroeconomics Annual 1998, volume 13, pages 275-322 National Bureau of Economic Research, Inc.
  7. repec:fth:harver:1473 is not listed on IDEAS
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Cited by:
  1. Michelle Alexopoulos, 2010. "Management Matters," 2010 Meeting Papers, Society for Economic Dynamics 332, Society for Economic Dynamics.
  2. Michelle Alexopoulos & Jon Cohen, 2012. "The Effects of Computer Technologies on the Canadian Economy: Evidence from New Direct Measures," International Productivity Monitor, Centre for the Study of Living Standards, Centre for the Study of Living Standards, vol. 23, pages 17-32, Spring.
  3. Alexopoulos, Michelle & Cohen, Jon, 2009. "Measuring our ignorance, one book at a time: New indicators of technological change, 1909-1949," Journal of Monetary Economics, Elsevier, Elsevier, vol. 56(4), pages 450-470, May.

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