This paper investigates a model with technological cycles induced by shifts in technologies. The key feature is that technological development occurs partly by discrete replacement of obsolete technologies, partly by continuous innovation of components for a pervasive general purpose technology. The technological system is explicitly modeled as a complex interrelation between distinct constituents. By allowing for positive technological externalities, closed form analytical solutions for different phases can be obtained, the timing of technology shifts endogenized and a simple characterization of stationary cycles is achieved. This contributes to realism and analytical tractability. The model is capable of reproducing features of e.g. the shift to computer technology.
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Paper provided by Uppsala University, Department of Economics in its series Working Paper Series with number
1997:15.
Length: 29 pages Date of creation: 28 Jun 1997 Date of revision: Publication status: Published in Economic Modelling, 2000, pages 139-170. Handle: RePEc:hhs:uunewp:1997_015
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