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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NBER Working Papers
7684, National Bureau of Economic Research, Inc.
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NBER Working Papers
11876, National Bureau of Economic Research, Inc.
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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.
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