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Technological Innovations: Slumps and Booms

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Author Info

  • Leonardo Felli

    (London School of Economics)

  • Francois Ortalo-Magne

    (London School of Economics & CEPR)

Abstract

This 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.

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File URL: http://128.118.178.162/eps/mic/papers/9711/9711002.ps.gz
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Bibliographic Info

Paper provided by EconWPA in its series Microeconomics with number 9711002.

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Length: 25 pages
Date of creation: 18 Nov 1997
Date of revision:
Handle: RePEc:wpa:wuwpmi:9711002

Note: Type of Document - LaTex; prepared on IBM PC - EmTex; to print on PostScript; pages: 25 ; figures: separate but included
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Web page: http://128.118.178.162

Related research

Keywords: technological innovations; locomotives; slumps; learning-by- doing;

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References

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  1. Jovanovic, Boyan & MacDonald, Glenn M, 1994. "Competitive Diffusion," Journal of Political Economy, University of Chicago Press, vol. 102(1), pages 24-52, February.
  2. 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.
  3. 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.
  4. 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.
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Citations

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Cited by:
  1. Rodolfo E. Manuelli & Ananth Seshadri, 2013. "Frictionless technology diffusion: the case of tractors," Working Papers 2013-022, Federal Reserve Bank of St. Louis.
  2. 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.
  3. Aruga, Osamu, 2007. "Conventional or New? Optimal Investment Allocation across Vintages of Technology," MPRA Paper 6043, University Library of Munich, Germany.

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