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Measuring the Rate of Technological Progress in Structures

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Author Info

  • Michael Gort

    (Department of Economics, SUNY at Buffalo)

  • Jeremy Greenwood

    (Department of Economics, University of Rochester)

  • Peter Rupert

    (Federal Reserve Bank of Cleveland)

Abstract

How much technological progress has there been in structures? An attempt is made to measure this using panel data on the age and rents of buildings. The data are interpreted with the help of a vintage capital model where buildings are replaced with some chosen periodicity. The results indicate there has been significant technological advance in structures that accounts for an important part of economic growth. (Copyright: Elsevier)

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File URL: http://dx.doi.org/10.1006/redy.1998.0046
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Bibliographic Info

Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

Volume (Year): 2 (1999)
Issue (Month): 1 (January)
Pages: 207-230

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Handle: RePEc:red:issued:v:2:y:1999:i:1:p:207-230

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Related research

Keywords: investment-specific technological progress; economic growth; vintage capital; replacement problem; economic depreciation; rent gradient;

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References

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  1. Gordon, Robert J., 1990. "The Measurement of Durable Goods Prices," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226304557.
  2. Greenwood, J. & Hercowitz, Z. & Krusell, P., 1996. "Long-Run Implications of Investment-Specific Technological Change," RCER Working Papers 420, University of Rochester - Center for Economic Research (RCER).
  3. Robert J. Gordon, 1990. "The Measurement of Durable Goods Prices," NBER Books, National Bureau of Economic Research, Inc, number gord90-1, October.
  4. Jeremy Greenwood & Zvi Hercowitz & Per Krusell, 1992. "Macroeconomic implications of investment-specific technological change," Discussion Paper / Institute for Empirical Macroeconomics 76, Federal Reserve Bank of Minneapolis.
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