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Capital-Embodied Technological Change, Measurement Errors and Real Business Cycles

Author

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  • Kosempel, S.

Abstract

Capital-embodied technological change is incorporated into a real business cycle (RBC) model, and some macroeconomic implications associated with errors in measurement are identified. In the model, measuremente errors arise in part because quality change is difficult to observe, and in part because of unexpected obsolescence due to changes in ten=chnology. The artificial economy outlined in this paper performs well, in terms of its ability to explain stylized facts of business cycles, as identified by the statistician. In particular, the model predicts a negative correlation between hours worked and the average priduct of labor.

Suggested Citation

  • Kosempel, S., 1998. "Capital-Embodied Technological Change, Measurement Errors and Real Business Cycles," Discussion Papers dp98-11, Department of Economics, Simon Fraser University.
    • Handle: RePEc:sfu:sfudps:dp98-11
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    More about this item

    Keywords

    BUSINESS CYCLES ; ENTERPRISES ; TECHNOLOGICAL CHANGE ; CAPITAL;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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