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Technological Innovations Slumps and Booms

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Author Info
Leonardo Felli
F Ortalo-Magne
Abstract

This paper documents the delayed adoption of a major technological innovation: the adoption of the diesel locomotive in the US railway industry. Contrary to other instances of major technological innovations, the delay in the adoption of the diesel locomotive was not associated with an initial slump in output. We provide a theoretical model which is consistent with both an increase and a decrease in output following the invention of a new technology. Within this model we identify the key factors that make a slump in output unlikely.

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Publisher Info
Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0394.

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Date of creation: Jul 1998
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Handle: RePEc:cep:cepdps:dp0394

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Web page: http://cep.lse.ac.uk/_new/publications/series.asp?prog=CEP

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  1. Rodolfo Manuelli & Ananth Seshadri, 2003. "Frictionless technology diffusion: the case of tractors," Proceedings, Federal Reserve Bank of San Francisco, issue Nov. [Downloadable!]
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