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Technology, convergence and business cycles

Author

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  • Galo Nuño

    () (Banco de España)

Abstract

In this paper we integrate Schumpeterian endogenous growth into a general equilibrium framework. By explicitely modelling the innovation and technology adoption process we are able to match some stylized economic facts such as entry rates and survival times of firms in the U.S. economy or the maximum convergence rates accross countries. Additionally, it allows us to propose a new definition of what a technology shock is and to compare it with the standard definition. Results show how this framework provides a plausible description of how economies grow and respond to the arrival of new technologies.

Suggested Citation

  • Galo Nuño, 2009. "Technology, convergence and business cycles," Working Papers 0922, Banco de España;Working Papers Homepage.
  • Handle: RePEc:bde:wpaper:0922
    as

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    File URL: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/09/Fic/dt0922e.pdf
    File Function: First version, October 2009
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    More about this item

    Keywords

    Medium-term business cycles; Schumpeterian growth; technology adoption;

    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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