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Read All About it!! What happens following a technology shock?

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  • Michelle Alexopoulos

Abstract

Existing indicators of technical change are plagued by shortcomings. I present here new measures based on books published in the field of technology that resolve many of these problems and use them to identify the impact of technology shocks on economic activity. They are positively linked to changes in R&D and scientific knowledge and capture the new technologies' commercialization dates. Changes in information technology are found to be important sources of economic fluctuations in the post-WWII period and total factor productivity, investment and, to a lesser extent, labor are all shown to increase following a positive technology shock.

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Bibliographic Info

Paper provided by University of Toronto, Department of Economics in its series Working Papers with number tecipa-391.

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Length: 46 pages
Date of creation: 26 Jan 2010
Date of revision:
Handle: RePEc:tor:tecipa:tecipa-391

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Keywords: business cycles; technical change; information technologies;

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References

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  1. Lone Engbo Christiansen, 2008. "Do Technology Shocks Lead to Productivity Slowdowns? Evidence From Patent Data," IMF Working Papers 08/24, International Monetary Fund.
  2. Daniel Wilson, 2004. "IT and Beyond: The Contribution of Heterogenous Capital to Productivity," Working Papers, Center for Economic Studies, U.S. Census Bureau 04-20, Center for Economic Studies, U.S. Census Bureau.
  3. Susanto Basu & John Fernald & Miles Kimball, 2002. "Are Technology Improvements Contractionary?," Harvard Institute of Economic Research Working Papers, Harvard - Institute of Economic Research 1986, Harvard - Institute of Economic Research.
  4. Ross, D. R. & Zimmermann, K. F., 1995. "Evaluating reported determinants of labour demand," Labour Economics, Elsevier, Elsevier, vol. 2(1), pages 102-102, March.
  5. Beaudry, Paul & Portier, Franck, 2003. "Stock Prices, News and Economic Fluctuations," IDEI Working Papers, Institut d'Économie Industrielle (IDEI), Toulouse 158, Institut d'Économie Industrielle (IDEI), Toulouse.
  6. Lawrence J. Christiano & Martin Eichenbaum & Robert Vigfusson, 2003. "What happens after a technology shock?," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 768, Board of Governors of the Federal Reserve System (U.S.).
  7. John Shea, 1999. "What Do Technology Shocks Do?," NBER Chapters, in: NBER Macroeconomics Annual 1998, volume 13, pages 275-322 National Bureau of Economic Research, Inc.
  8. Patrick Francois & Huw Lloyd-Ellis, 2006. "Intrinsic Business Cycles with Pro-Cyclical R&D," Working Papers, Queen's University, Department of Economics 1102, Queen's University, Department of Economics.
  9. Jordi Galí & Luca Gambetti, 2006. "On the sources of the Great Moderation," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra 1041, Department of Economics and Business, Universitat Pompeu Fabra, revised Jun 2007.
  10. Michelle Alexopoulos & Jon Cohen, 2009. "Volumes of Evidence: Examining Technical Change Last Century Through a New Lens," Working Papers, University of Toronto, Department of Economics tecipa-350, University of Toronto, Department of Economics.
  11. Jordi Gali & Pau Rabanal, 2004. "Technology Shocks and Aggregate Fluctuations: How Well Does the RBS Model Fit Postwar U.S. Data?," NBER Working Papers 10636, National Bureau of Economic Research, Inc.
  12. Yorukoglu, Mehmet, 2000. "Product vs. process innovations and economic fluctuations," Carnegie-Rochester Conference Series on Public Policy, Elsevier, Elsevier, vol. 52(1), pages 137-163, June.
  13. Victor Zarnowitz, 1992. "Business Cycles: Theory, History, Indicators, and Forecasting," NBER Books, National Bureau of Economic Research, Inc, number zarn92-1, July.
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  1. Why Economies Boom
    by Megan McArdle in Megan McArdle on 2012-05-06 18:22:48
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  1. Read All about It!! What Happens Following a Technology Shock? (AER 2011) in ReplicationWiki

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