Technology Creation, Diffusion, and Growth Cycles
AbstractStandard macroeconomic models that assume an exogenous stochastic process for multifactor productivity offer the interpretation that recessions are the result of ''bad news'' (technological regress) and expansions are the result of ''good news'' (technological advancement). The view taken here is that both expansions and recessions are the result of ''good news'' in the sense that in both cases, aggregate production possibilities have increased. Recessions can be thought of as the transition from one technological frontier to the next.
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Bibliographic InfoPaper provided by University of Connecticut, Department of Economics in its series Working papers with number 2003-35.
Length: 24 pages
Date of creation: Jun 2003
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This paper has been announced in the following NEP Reports:
- NEP-DEV-2003-09-14 (Development)
- NEP-DGE-2003-09-14 (Dynamic General Equilibrium)
- NEP-INO-2003-09-14 (Innovation)
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