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Long-Run Implications of Investment-Specific Technological Change

Author

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

Abstract

The role that investment-specific technological change played in generating postwar U.S. 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 U.S. National Income and Product Account data. The quantitative analysis suggests that investment-specific technological change accounts for the major part of growth. Copyright 1997 by American Economic Association.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Greenwood, J. & Hercowitz, Z. & Krusell, P., 1995. "Long-Run Implications of Investment-Specific Technological Change," University of Western Ontario, Departmental Research Report Series 9510, University of Western Ontario, Department of Economics.
    • Handle: RePEc:uwo:uwowop:9510
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    File URL: https://ir.lib.uwo.ca/cgi/viewcontent.cgi?article=1450&context=economicsresrpt
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    Keywords

    INVESTMENTS; TECHNOLOGY;

    JEL classification:

    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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