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Neutral, Investment-Specific Technical Progress and the Productivity Slowdown

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  • Fernando DEL RIO IGLESIAS

    (Universidad de Santiago de Compostela)

Abstract

In this article I show that a permanent possitive shock on the rate of investment-specific technical progress might cause, at least in the short run, a fall of the growth rate of both output per capita and total factor productivity, as measured by the Solow residual. Several simulations are performed which show that the extent of the Productivity Slowdown drastically depends on the elasticity of the marginal cost of producing a unit of capital good with respect to the rate of investment-specific technical progress.

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Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (REL - Recherches Economiques de Louvain) with number 2002013.

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Length: 18
Date of creation: 01 Mar 2002
Date of revision:
Handle: RePEc:ctl:louvre:2002013

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Keywords: Neutral and Investment-Specific Technical Progress; Total Factor Productivity; Productivity Slowdown;

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  1. Michael Gort & Jeremy Greenwood & Peter Rupert, 1998. "Measuring the rate of technological progress in structures," Working Paper 9806, Federal Reserve Bank of Cleveland.
  2. Greenwood, Jeremy & Hercowitz, Zvi & Krusell, Per, 1997. "Long-Run Implications of Investment-Specific Technological Change," American Economic Review, American Economic Association, vol. 87(3), pages 342-62, June.
  3. Gordon, Robert J., 1990. "The Measurement of Durable Goods Prices," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226304557.
  4. Jeremy Greenwood & Boyan Jovanovic, 2000. "Accounting for Growth," RCER Working Papers 475, University of Rochester - Center for Economic Research (RCER).
    • Jeremy Greenwood & Boyan Jovanovic, 2001. "Accounting for Growth," NBER Chapters, in: New Developments in Productivity Analysis, pages 179-224 National Bureau of Economic Research, Inc.
  5. Robert J. Gordon, 2000. "Does the "New Economy" Measure Up to the Great Inventions of the Past?," Journal of Economic Perspectives, American Economic Association, vol. 14(4), pages 49-74, Fall.
  6. Charles R. Hulten, 1996. "Quality Change in Capital Goods and Its Impact on Economic Growth," NBER Working Papers 5569, National Bureau of Economic Research, Inc.
  7. Kortum, Samuel, 1997. "1974 : A comment," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 46(1), pages 97-105, June.
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