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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)

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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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Publisher 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;

Other versions of this item:

Find related papers by JEL classification:
O3 - Economic Development, Technological Change, and Growth - - Technological Change
O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

This item is featured on the following reading lists:

  1. Canadian Macro Study Group
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Robert J. Gordon, 1990. "The Measurement of Durable Goods Prices," NBER Books, National Bureau of Economic Research, Inc, number gord90-1, 6.
  2. Greenwood, Jeremy & Hercowitz, Zvi & Krusell, Per, 1997. "Long-Run Implications of Investment-Specific Technological Change," American Economic Review, American Economic Association, vol. 87(3), pages 342-62, June. [Downloadable!] (restricted)
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  3. 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. [Downloadable!]
    Other versions:
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