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Technology, convergence and business cycles

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Author Info
Galo Nuño () (Banco de España)

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Abstract

In 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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File URL: http://www.bde.es/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/09/Fic/dt0922e.pdf
File Format: application/pdf
File Function: First version, October 2009
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Publisher Info
Paper provided by Banco de España in its series Banco de España Working Papers with number 0922.

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Length: 29 pages
Date of creation: Oct 2009
Date of revision:
Handle: RePEc:bde:wpaper:0922

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Related research
Keywords: 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
O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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This page was last updated on 2009-11-10.

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