Macroeconomic Implication of Investment-Specific Technological Change
AbstractA quantitative investigation of investment-specific technological change for the U.S. postwar period is undertaken, analyzing both long-term growth and business cycles within the same framework. The premise is that the introduction of new, more efficient capital goods is an important source of productivity change, and an attempt is made to disentangle its effects from the more traditional Hicks-neutral form of technological progress. The balanced growth path for the model is characterized and calibrated to U.S. National Income and Product Account data. The long- and short-run U.S. data are then interpreted through the eyes of this framework. The analysis suggests that investment-specific change accounts for a large part of U.S. growth and is a significant factor in U.S. business cycle fluctuations.
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Bibliographic InfoPaper provided by Tel Aviv - the Sackler Institute of Economic Studies in its series Papers with number 13-92.
Length: 45 pages
Date of creation: 1992
Date of revision:
Contact details of provider:
Postal: Tel-Aviv University, The Sackler Institute of Economic Studies, Ramat Aviv 69 978 Tel-Aviv, Israel
Web page: http://econ.tau.ac.il/
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investments ; technological change;
Other versions of this item:
- Greenwood, J. & Hercowitz, Z. & Krusell, P., 1992. "Macroeconomic Implications of Investment-Specific Technological Change," Papers 527, Stockholm - International Economic Studies.
- Jeremy Greenwood & Zvi Hercowitz & Per Krusell, 1992. "Macroeconomic implications of investment-specific technological change," Discussion Paper / Institute for Empirical Macroeconomics 76, Federal Reserve Bank of Minneapolis.
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