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
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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.:
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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Andrew B. Bernard & J. Bradford Jensen & Stephen J. Redding & Peter K. Schott, 2007.
"Firms in International Trade,"
NBER Working Papers
13054, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Andrew B. Bernard & J. Bradford Jensen & Stephen Redding & Peter K. Schott, 2007.
"Firms in International Trade,"
CEP Discussion Papers
dp0795, Centre for Economic Performance, LSE.
[Downloadable!]
Andrew Bernard & J. Bradford Jensen & Stephen Redding & Peter Schott, 2007.
"Firms in International Trade,"
Working Papers
07-14, Center for Economic Studies, U.S. Census Bureau.
[Downloadable!]