Technology Creation, Diffusion, and Growth Cycles
Standard macroeconomic models that assume an exogenous stochastic process for multifactor productivity offer the interpretation that recessions are the result of ''bad news'' (technological regress) and expansions are the result of ''good news'' (technological advancement). The view taken here is that both expansions and recessions are the result of ''good news'' in the sense that in both cases, aggregate production possibilities have increased. Recessions can be thought of as the transition from one technological frontier to the next.
|Date of creation:||Jun 2003|
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"Long Waves and Short Waves: Growth through Intensive and Extensive Search,"
Econometric Society, vol. 58(6), pages 1391-1409, November.
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- Andrew Atkeson & Patrick Kehoe, 1997. "Industry Evolution and Transition: A Neoclassical Benchmark," NBER Working Papers 6005, National Bureau of Economic Research, Inc. Full references (including those not matched with items on IDEAS)
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