Technology, convergence and business cycles
AbstractIn this paper we integrate Schumpeterian endogenous growth into a general equilibrium framework. By explicitely modelling the innovation and technology adoption process we are able to match some stylized economic facts such as entry rates and survival times of firms in the U.S. economy or the maximum convergence rates accross countries. Additionally, it allows us to propose a new definition of what a technology shock is and to compare it with the standard definition. Results show how this framework provides a plausible description of how economies grow and respond to the arrival of new technologies.
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Bibliographic InfoPaper provided by Banco de Espa�a in its series Banco de Espa�a Working Papers with number 0922.
Length: 29 pages
Date of creation: Oct 2009
Date of revision:
Medium-term business cycles; Schumpeterian growth; technology adoption;
Find related papers by JEL classification:
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
- O3 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights
- O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-10-17 (All new papers)
- NEP-BEC-2009-10-17 (Business Economics)
- NEP-CBA-2009-10-17 (Central Banking)
- NEP-ENT-2009-10-17 (Entrepreneurship)
- NEP-FDG-2009-10-17 (Financial Development & Growth)
- NEP-MAC-2009-10-17 (Macroeconomics)
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