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Long-Run Implications of Investment-Specific Technological Change

  • Greenwood, J.
  • Hercowitz, Z.
  • Krusell, P.

The role that investment-specific technological change played in generating postwar US growth is investigated here. The premise is that the introduction of new, more efficient capital goods is an important source of productivity change, and an attempt is made to disentangle its effects from the more traditional Hicks-neutral form of technological progress. The balanced-growth path for the model is characterized and calibrated to US National Income and Product Account data. The quantitative analysis suggests that investment-specific technological change accounts for the major part of growth.

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Paper provided by University of Rochester - Center for Economic Research (RCER) in its series RCER Working Papers with number 420.

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Length: 37 pages
Date of creation: 1996
Date of revision:
Handle: RePEc:roc:rocher:420
Contact details of provider: Postal: University of Rochester, Center for Economic Research, Department of Economics, Harkness 231 Rochester, New York 14627 U.S.A.

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  1. Quantitative Macroeconomics and Real Business Cycles (QM&RBC)

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