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Long-Run Implications of Investment-Specific Technological Change

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Author Info

  • Greenwood, J.
  • Hercowitz, Z.
  • Krusell, P.

Abstract

The role that investment-specific technological change played in generating postwar U.S. growth is investigated here. The premise is that the introduction of new, more efficient capital goods is an important source of productivity change and an attempt is made to disentangle its effects from the more traditional Hicks-neutral form of technological progress. The balanced growth path for the model is characterized and calibrated to U.S. National Income and Product Account data. The quantitative analysis suggests that investment-specific technological change accounts for the major part of growth. Copyright 1997 by American Economic Association.

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Bibliographic Info

Paper provided by University of Western Ontario, Department of Economics in its series UWO Department of Economics Working Papers with number 9510.

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Length: 32 pages
Date of creation: 1995
Date of revision:
Handle: RePEc:uwo:uwowop:9510

Contact details of provider:
Postal: Department of Economics, Reference Centre, Social Science Centre, University of Western Ontario, London, Ontario, Canada N6A 5C2
Phone: 519-661-2111 Ext.85244
Web page: http://economics.uwo.ca/econref/WorkingPapers/departmentresearchreports.asp

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Keywords: INVESTMENTS; TECHNOLOGY;

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  1. Quantitative Macroeconomics and Real Business Cycles (QM&RBC)

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