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Jeremy Greenwood and Per Krusell, "Growth Accounting with Investment-Specific Technological Progress: A Discussion of Two Approaches" A Rejoinder

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Nicholas Oulton

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Abstract

The May 2007 issue of the Journal of Monetary Economics published a paper of mine entitled'Investment-Specific Technological Progress and Growth Accounting' which critiqued the workof Greenwood, Hercowitz and Krusell. I argued that the Greenwood-Hercowitz-Krusell (GHK)model is a special case of a two-sector, neoclassical growth model with differing rates oftechnical progress in the two sectors; that a version of Jorgensonian growth accounting can beconstructed for this two-sector model and hence for the GHK model; and that there is therefore amapping between the growth accounting concepts of total factor productivity (TFP) growth ineach of the two sectors, and GHK's concepts of investment specific and neutral technologicalprogress. The same issue of the JME published a response by Greenwood and Krusell ('GrowthAccounting with Investment-Specific Technological Progress: a Discussion of TwoApproaches'). This paper is a rejoinder to theirs. It attempts to delineate both the common groundand the remaining areas of disagreement.

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Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0802.

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Date of creation: Jun 2007
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Handle: RePEc:cep:cepdps:dp0802

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Related research
Keywords: Investment-specific technological change; embodiment; TFP; growth accounting;

Find related papers by JEL classification:
O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
O51 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada

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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. Bernard, Andrew & Jensen, J Bradford & Redding, Stephen J & Schott, Peter, 2007. "Firms in International Trade," CEPR Discussion Papers 6277, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Hercowitz, Zvi, 1998. "The 'embodiment' controversy: A review essay," Journal of Monetary Economics, Elsevier, vol. 41(1), pages 217-224, February. [Downloadable!] (restricted)
  3. Alejandro Cuñat & Marc J. Melitz, 2007. "Volatility, Labor Market Flexibility, and the Pattern of Comparative Advantage," NBER Working Papers 13062, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Buiter, Willem H., 2007. "Seigniorage," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 1(10), pages 1-49. [Downloadable!]
    Other versions:
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