Jesús Rodríguez López () (Department of Economics, Universidad Pablo de Olavide) José Luis Torres Chacón () (Departamento de Teoría e Historia Económica de la Universidad de Málaga)
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We use a dynamic general equilibrium growth model to quantify the contribution to productivity growth from different technological sources in the three leading economies of the world: Japan, Germany and the U.S. The sources of technology are classified into neutral progress and investment-specific progress. The latter can be split into two different types of equipment: Information and Communication Technologies (ICT) and non-ICT equipment. This decomposition analysis is done for both long term and short term growth. In the long run, neutral technological change is the main source of productivity growth in Japan and Germany. For the U.S., the main source of productivity growth arises from investment-specific technological change, mainly associated with ICT. Finally, impulse-response analysis reveals that deviations from the balanced growth path in the short run are mainly due to neutral shocks in the three countries.
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Paper provided by Universidad Pablo de Olavide, Department of Economics in its series Working Papers with number
09.09.