The new view of growth and business cycles
AbstractEvidence on the cost of business equipment investment supports a new way of understanding growth and business cycles. The equipment price has been falling for most of the last 40 years and it tends to fall more the faster economy is growing. This suggests that technological change embodied in new capital equipment has a substantial effect on growth and business cycles.
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Bibliographic InfoArticle provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.
Volume (Year): (1999)
Issue (Month): Q I ()
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