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Trend breaks and the long-run implications of investment-specific technological progress

Author

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  • Alban Moura

Abstract

I update the Greenwood, Hercowitz, and Krusell (1997, GHK) decomposition of U.S. growth into contributions from neutral and investment-specific (IS) technological progress. I allow the decomposition to vary across sub-samples, reflecting the presence of trend breaks in the data. The estimates show strong heterogeneity across periods: while neutral technological progress explained virtually all growth between 1950 and the mid-1970s, IS technological progress accounts for 75% of growth since the 1980s. These results paint a more complex picture of postwar U.S. growth than GHK’s original decomposition and call for a better understanding of the 1970s productivity shifts.

Suggested Citation

  • Alban Moura, 2023. "Trend breaks and the long-run implications of investment-specific technological progress," Applied Economics Letters, Taylor & Francis Journals, vol. 30(16), pages 2270-2275, September.
    • Handle: RePEc:taf:apeclt:v:30:y:2023:i:16:p:2270-2275
    DOI: 10.1080/13504851.2022.2096855
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    Cited by:

    1. Prados de la Escosura, Leandro & Rodríguez-Caballero, C. Vladimir, 2022. "War, pandemics, and modern economic growth in Europe," Explorations in Economic History, Elsevier, vol. 86(C).

    More about this item

    JEL classification:

    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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