IDEAS home Printed from https://ideas.repec.org/a/eee/streco/v43y2017icp15-26.html

Does technology cause business cycles in the USA? A Schumpeter-inspired approach

Author

Listed:
  • Konstantakis, Konstantinos N.
  • Michaelides, Panayotis G.

Abstract

The purpose of this paper is to deal with questions of instability and economic crises, deriving theoretical arguments from Schumpeter’s works and presenting relevant empirical evidence for the case of the US manufacturing sector in the time period 1958–2006, just before the first signs of the global recession made their appearance. More precisely, we use a wide dataset that contains 473 manufacturing industries, that are clustered based on their annual change of hourly earnings per worker and we make an attempt to interpret the economic fluctuations in the clusters formed. Meanwhile, we study the causal relationships between the crucial variables dictated by Schumpeterian theory. In this context, a number of relevant techniques have been used, such as hierarchical clustering, canonical discriminant analysis, cointegration analysis, periodograms and Granger causality tests. Our findings seem to give credit to certain aspects of the Schumpeterian theory of business cycles. The results are discussed in a broader context, related to the US economy.

Suggested Citation

  • Konstantakis, Konstantinos N. & Michaelides, Panayotis G., 2017. "Does technology cause business cycles in the USA? A Schumpeter-inspired approach," Structural Change and Economic Dynamics, Elsevier, vol. 43(C), pages 15-26, December.
    • Handle: RePEc:eee:streco:v:43:y:2017:i:c:p:15-26
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0954349X16301217
    Download Restriction: Full text for ScienceDirect subscribers only
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or

    for a different version of it.

    Other versions of this item:

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Marianna Epicoco, 2021. "Technological Revolutions and Economic Development: Endogenous and Exogenous Fluctuations," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 12(3), pages 1437-1461, September.
    2. Iraj Daizadeh, 2020. "Trademark filings and patent application count time series are structurally near-identical and cointegrated: Implications for studies in innovation," Papers 2012.10400, arXiv.org.
    3. Marianna Epicoco, 2021. "Technological Revolutions and Economic Development : Endogenous and Exogenous Fluctuations," Post-Print hal-03588838, HAL.
    4. Manzoor Ahmad, 2025. "Green R&D Cycles, Innovation Disruptions, and the Interplay of Sustainable Growth and Pollution Emission Trends," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(2), pages 8781-8806, June.
    5. Manzoor Ahmad & Zahoor Ul Haq & Shehzad Khan, 2024. "Business Cycles and the Dynamics of Innovation: a Theoretical Perspective," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 1418-1436, March.

    More about this item

    Keywords

    ;

    JEL classification:

    • J1 - Labor and Demographic Economics - - Demographic Economics
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:streco:v:43:y:2017:i:c:p:15-26. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/525148 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.