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Propagation Through Endogenous Investment-Specific Technological Change

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  • Gregory W. Huffman

    ()
    (Department of Economics, Vanderbilt University)

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.accessecon.com/pubs/VUECON/vu02-w23R.pdf
File Function: Revise version, 2004
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Bibliographic Info

Paper provided by Vanderbilt University Department of Economics in its series Vanderbilt University Department of Economics 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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Web page: http://www.vanderbilt.edu/econ/wparchive/index.html

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Keywords: Fluctuations; propagation; correlation; investment;

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  1. 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.
  2. Wen, Yi, 1998. "Can a real business cycle model pass the Watson test?," Journal of Monetary Economics, Elsevier, vol. 42(1), pages 185-203, June.
  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.
  4. Perli, Roberto & Sakellaris, Plutarchos, 1998. "Human capital formation and business cycle persistence," Journal of Monetary Economics, Elsevier, vol. 42(1), pages 67-92, June.
  5. Greenwood, J. & Hercowitz, Z. & Krusell, P., 1998. "The Role of Investment-Specific Technological Change in the Business Cycle," RCER Working Papers 449, University of Rochester - Center for Economic Research (RCER).
  6. Timothy Cogley & James M. Nason, 1993. "Output dynamics in real business cycle models," Working Papers in Applied Economic Theory 93-10, Federal Reserve Bank of San Francisco.
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Cited by:
  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.
  2. Huffman, Gregory W., 2008. "An analysis of fiscal policy with endogenous investment-specific technological change," Journal of Economic Dynamics and Control, Elsevier, vol. 32(11), pages 3441-3458, November.
  3. Bishnu, Monisankar & Ghate, Chetan & Gopalakrishnan, Pawan, 2011. "Distortionary Taxes and Public Investment in a Model of Endogenous Investment Specific Technological Change," MPRA Paper 34111, University Library of Munich, Germany.

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