Technological Diffusion and Asset Prices
In this paper we demonstrate that the gradual diffusion of technology causes the stock market to exhibit a cyclical behavior. More importantly, we attribute sharp declines and increases in the stock market such as the ones that occurred in the early 1970s and mid 1990s in the United States to expected rapid technological diffusion.
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- Luboš Pástor & Pietro Veronesi, 2009.
"Technological Revolutions and Stock Prices,"
American Economic Review,
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- Parente, Stephen L & Prescott, Edward C, 1994. "Barriers to Technology Adoption and Development," Journal of Political Economy, University of Chicago Press, vol. 102(2), pages 298-321, April.
- Aghion, Philippe, 2002. "Schumpeterian Growth Theory and the Dynamics of Income Inequality," Scholarly Articles 3350067, Harvard University Department of Economics.
- Philippe Aghion, 2002. "Schumpeterian Growth Theory and the Dynamics of Income Inequality," Econometrica, Econometric Society, vol. 70(3), pages 855-882, May. Full references (including those not matched with items on IDEAS)
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