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Investment And Technical Progress In The G7 Countries And Australia

  • John Pawley

    (UWA Business School, The University of Western Australia)

  • Ernst Juerg Weber

    (UWA Business School, The University of Western Australia)

The vintage model of capital accumulation predicts that technical progress depends on the installation of new capital equipment. In this paper it is found that investment raises labor productivity in the G7 countries and Australia. This finding implies that the decline in investment during the global financial crisis will have a long lasting detrimental effect on labor productivity and hence wages.

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File URL: http://www.business.uwa.edu.au/__data/assets/pdf_file/0011/1627508/11--10-Investment-and-Technical-Progress-in-the-G7-Countries-and-Australia.pdf
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Paper provided by The University of Western Australia, Department of Economics in its series Economics Discussion / Working Papers with number 11-10.

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Length: 88 pages
Date of creation: 2011
Date of revision:
Handle: RePEc:uwa:wpaper:11-10
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Web page: http://www.business.uwa.edu.au/school/disciplines/economics

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  1. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
  2. Thomas F. Cooley & Jeremy Greenwood & Mehmet Yorukoglu, 1994. "The replacement problem," Discussion Paper / Institute for Empirical Macroeconomics 95, Federal Reserve Bank of Minneapolis.
  3. Greenwood, J. & Hercowitz, Z. & Krusell, P., 1996. "Long-Run Implications of Investment-Specific Technological Change," RCER Working Papers 420, University of Rochester - Center for Economic Research (RCER).
  4. Ernst Juerg Weber, 2009. "Wilfred Edward Graham Salter: The Merits of a Classical Economic Education," Economics Discussion / Working Papers 09-14, The University of Western Australia, Department of Economics.
  5. Hulten, Charles R, 1992. "Growth Accounting When Technical Change Is Embodied in Capital," American Economic Review, American Economic Association, vol. 82(4), pages 964-80, September.
  6. Charles R. Hulten, 1992. "Growth Accounting When Technical Change is Embodied in Capital," NBER Working Papers 3971, National Bureau of Economic Research, Inc.
  7. repec:cup:cbooks:9780521710091 is not listed on IDEAS
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