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The new view of growth and business cycles

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  • Jonas D.M. Fisher

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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Bibliographic Info

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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Related research

Keywords: Business cycles;

References

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  1. Lawrence J. Christiano & Sharon G. Harrison, 1996. "Chaos, Sunspots, and Automatic Stabilizers," NBER Working Papers 5703, National Bureau of Economic Research, Inc.
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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 & Francis Journals, vol. 14(8), pages 549-553.
  2. 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.
  3. Mulraine, Millan L. B., 2006. "Real Exchange Rate Dynamics With Endogenous Distribution Costs," MPRA Paper 9, University Library of Munich, Germany.
  4. Jonas Fisher, 2004. "Technology Shocks Matter," Econometric Society 2004 North American Winter Meetings 14, Econometric Society.

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