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Propagation Through Endogenous Investment-Specific Technological Change

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Author Info
Gregory W. Huffman () (Department of Economics, Vanderbilt University)

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Abstract

Many real business cycle models lack a significant propagation mechanism. Consequently most of the serial correlation in output is inherited from the serial correlation in the exogenous shocks. A simple model is presented to show there need not be any relationship between the serial correlation of the exogenous shocks, and that of output. This is accomplished by incorporating the well-documented fact that research spending has generated changes in the real price of capital.

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File URL: http://www.vanderbilt.edu/Econ/wparchive/workpaper/vu02-w23R.pdf
File Format: application/pdf
File Function: Revise version, 2004
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Publisher Info
Paper provided by Department of Economics, Vanderbilt University in its series Working Papers with number 0223.

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Date of creation: Dec 2002
Date of revision: Jan 2004
Handle: RePEc:van:wpaper:0223

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Related research
Keywords: Fluctuations; propagation; correlation; investment;

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Find related papers by JEL classification:
E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Perli, Roberto & Sakellaris, Plutarchos, 1998. "Human capital formation and business cycle persistence," Journal of Monetary Economics, Elsevier, vol. 42(1), pages 67-92, June. [Downloadable!] (restricted)
  2. Greenwood, Jeremy & Hercowitz, Zvi & Krusell, Per, 1997. "Long-Run Implications of Investment-Specific Technological Change," American Economic Review, American Economic Association, vol. 87(3), pages 342-62, June. [Downloadable!] (restricted)
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  3. Krusell, Per, 1998. " Investment-Specific R&D and the Decline in the Relative Price of Capital," Journal of Economic Growth, Springer, vol. 3(2), pages 131-41, June. [Downloadable!] (restricted)
  4. Cogley, Timothy & Nason, James M, 1995. "Output Dynamics in Real-Business-Cycle Models," American Economic Review, American Economic Association, vol. 85(3), pages 492-511, June. [Downloadable!] (restricted)
    Other versions:
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Roberto M Samaniego, 2005. "Investment-Specific Technical Change and the Production of Ideas," Computing in Economics and Finance 2005 291, Society for Computational Economics. [Downloadable!]
  2. Gregory W. Huffman, 2008. "An Analysis of Fiscal Policy with Endogenous
    Investment-Specific Technological Change    ," Working Papers 0801, Department of Economics, Vanderbilt University. [Downloadable!]
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This page was last updated on 2009-11-28.

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