"Technological Innovations: Slumps and Booms''
AbstractThis paper documents the delayed adoption of a major technological innovation: the adoption of the diesel locomotive in the US railway industry. Contrary to other instances of major technological innovations, the delay in the adoption of the diesel locomotive was not associated with an initial slump in output. We provide a theoretical model which is consistent with both an increase and a decrease in output following the invention of a new technology. Within this model we identify the key factors that make a slump in output unlikely.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences in its series CARESS Working Papres with number 97-17.
Date of creation:
Date of revision:
Contact details of provider:
Postal: 160 McNeil Building, 3718 Locust Walk, Philadelphia, PA 19104-6297
Web page: http://www.ssc.upenn.edu/ier/paperier.html
More information through EDIRC
Other versions of this item:
- Leonardo Felli & F Ortalo-Magne, 1998. "Technological Innovations Slumps and Booms," CEP Discussion Papers dp0394, Centre for Economic Performance, LSE.
- Leonardo Felli & Francois Ortalo-Magne, . "Technological Innovations: Slumps and Booms," Penn CARESS Working Papers c468f14544cc51cba56e9b940, Penn Economics Department.
- Leonardo Felli & Francois Ortalo-Magne, 1997. "Technological Innovations: Slumps and Booms," Microeconomics 9711002, EconWPA.
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
- D92 - Microeconomics - - Intertemporal Choice - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
- E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
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.:
- Boyan Jovanovic & Glenn MacDonald, 1993.
NBER Working Papers
4463, National Bureau of Economic Research, Inc.
- Elhanan Helpman & Manuel Trajtenberg, 1994.
"A Time to Sow and a Time to Reap: Growth Based on General Purpose Technologies,"
NBER Working Papers
4854, National Bureau of Economic Research, Inc.
- Helpman, Elhanan & Trajtenberg, Manuel, 1994. "A Time to Sow and a Time to Reap: Growth Based on General Purpose Technologies," CEPR Discussion Papers 1080, C.E.P.R. Discussion Papers.
- Macdonald, G.M., 1988.
University of Chicago - Economics Research Center
88-10, Chicago - Economics Research Center.
- Chari, V V & Hopenhayn, Hugo, 1991. "Vintage Human Capital, Growth, and the Diffusion of New Technology," Journal of Political Economy, University of Chicago Press, vol. 99(6), pages 1142-65, December.
- David, Paul A, 1990. "The Dynamo and the Computer: An Historical Perspective on the Modern Productivity Paradox," American Economic Review, American Economic Association, vol. 80(2), pages 355-61, May.
- Aruga, Osamu, 2007. "Conventional or New? Optimal Investment Allocation across Vintages of Technology," MPRA Paper 6043, University Library of Munich, Germany.
- Rodolfo Manuelli & Ananth Seshadri, 2003.
"Frictionless Technology Diffusion: The Case of Tractors,"
NBER Working Papers
9604, National Bureau of Economic Research, Inc.
- Rodolfo Manuelli & Ananth Seshadri, 2003. "Frictionless technology diffusion: the case of tractors," Proceedings, Federal Reserve Bank of San Francisco, issue Nov.
- Rodolfo E. Manuelli & Ananth Seshadri, 2013. "Frictionless technology diffusion: the case of tractors," Working Papers 2013-022, Federal Reserve Bank of St. Louis.
- Nahuis, R., 1998. "The Dynamics of a General Purpose Technology in a Research and Assimilation Model," Discussion Paper 1998-119, Tilburg University, Center for Economic Research.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Thomas Krichel).
If references are entirely missing, you can add them using this form.