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Investment And Technical Progress In The G7 Countries And Australia

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  • John Pawley

    (UWA Business School, The University of Western Australia)

  • Ernst Juerg Weber

    (UWA Business School, The University of Western Australia)

Abstract

The vintage model of capital accumulation predicts that technical progress depends on the installation of new capital equipment. In this paper it is found that investment raises labor productivity in the G7 countries and Australia. This finding implies that the decline in investment during the global financial crisis will have a long lasting detrimental effect on labor productivity and hence wages.

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File URL: http://www.business.uwa.edu.au/__data/assets/pdf_file/0011/1627508/11--10-Investment-and-Technical-Progress-in-the-G7-Countries-and-Australia.pdf
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Bibliographic Info

Paper provided by The University of Western Australia, Department of Economics in its series Economics Discussion / Working Papers with number 11-10.

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Length: 88 pages
Date of creation: 2011
Date of revision:
Handle: RePEc:uwa:wpaper:11-10

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  1. Thomas F. Cooley & Jeremy Greenwood & Mehmet Yorukoglu, 1994. "The replacement problem," Discussion Paper / Institute for Empirical Macroeconomics 95, Federal Reserve Bank of Minneapolis.
  2. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
  3. Hulten, Charles R, 1992. "Growth Accounting When Technical Change Is Embodied in Capital," American Economic Review, American Economic Association, vol. 82(4), pages 964-80, September.
  4. Greenwood, J. & Hercowitz, Z. & Krusell, P., 1995. "Long-Run Implications of Investment-Specific Technological Change," UWO Department of Economics Working Papers 9510, University of Western Ontario, Department of Economics.
  5. Ernst Juerg Weber, 2009. "Wilfred Edward Graham Salter: The Merits of a Classical Economic Education," Economics Discussion / Working Papers 09-14, The University of Western Australia, Department of Economics.
  6. Mills,Terence C. & Markellos,Raphael N., 2008. "The Econometric Modelling of Financial Time Series," Cambridge Books, Cambridge University Press, number 9780521710091, October.
  7. Charles R. Hulten, 1992. "Growth Accounting When Technical Change is Embodied in Capital," NBER Working Papers 3971, National Bureau of Economic Research, Inc.
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