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Abstract

Evidence 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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File URL: http://www.chicagofed.org/digital_assets/publications/economic_perspectives/1999/ep1Q99_3.pdf
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Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

Volume (Year): (1999)
Issue (Month): Q I ()
Pages: 35-56

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Handle: RePEc:fip:fedhep:y:1999:i:qi:p:35-56:n:v.23no.1

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Keywords: Business cycles;

References

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1. Lawrence J. Christiano & Sharon G. Harrison, 1996. "Chaos, sunspots, and automatic stabilizers," Working Paper Series, Macroeconomic Issues WP-96-16, Federal Reserve Bank of Chicago.
   
   • Christiano, Lawrence J. & G. Harrison, Sharon, 1999. "Chaos, sunspots and automatic stabilizers," Journal of Monetary Economics, Elsevier, vol. 44(1), pages 3-31, August.
   • Lawrence J. Christiano & Sharon G. Harrison, 1996. "Chaos, Sunspots, and Automatic Stabilizers," NBER Working Papers 5703, National Bureau of Economic Research, Inc.
   • Lawrence J. Christiano & Sharon G. Harrison, 1996. "Chaos, sunspots, and automatic stabilizers," Staff Report 214, Federal Reserve Bank of Minneapolis.

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Cited by:

1. Jesus Fernandez-Villaverde & Juan F. Rubio-Ramirez, 2007. "On the solution of the growth model with investment-specific technological change," Applied Economics Letters, Taylor and Francis Journals, vol. 14(8), pages 549-553.
   
   • Jesús Fernández-Villaverde & Juan Francisco Rubio-Ramírez, 2004. "On the solution of the growth model with investment-specific technological change," Working Paper 2004-39, Federal Reserve Bank of Atlanta.
2. Jonas Fisher, 2004. "Technology Shocks Matter," Econometric Society 2004 North American Winter Meetings 14, Econometric Society.
   
   • Jonas D. M. Fisher, 2002. "Technology shocks matter," Working Paper Series WP-02-14, Federal Reserve Bank of Chicago.
3. Millan L. B. Mulraine, 2005. "Investment-Specific Technology Shocks in a Small Open Economy," Macroeconomics 0506009, EconWPA.
   
   • Mulraine, Millan L. B., 2005. "Investment-Specific Technology Shocks in a Small Open Economy," MPRA Paper 7, University Library of Munich, Germany, revised Aug 2006.
4. Mulraine, Millan L. B., 2006. "Real Exchange Rate Dynamics With Endogenous Distribution Costs," MPRA Paper 9, University Library of Munich, Germany.

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