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Macroeconomic Implications of Investment-Specific Technological Change

URL to cite or link to: http://hdl.handle.net/1802/2375

GHKnotes.pdf   1010.87 KB (No. of downloads : 372)
Some handwritten notes from the start of the project, 1990-91.
GHKrr.pdf   1.80 MB (No. of downloads : 465)
The refereeing process: a saga (in reverse chronological order). The taxing process was well managed by the Editors.
GHK1992.pdf   13.13 MB (No. of downloads : 242)
IIES Working Paper No. 527 -- October 1992. This paper was submitted to the American Economic Review in 1992.
PerKrusell.jpg   555.23 KB (No. of downloads : 295)
Photo -- Per Krusell, 1992-93. Per Krusell taught at the University of Rochester from 1994 to 2004.
JeremyGreenwood.jpg   284.36 KB (No. of downloads : 301)
Photo -- Jeremy Greenwood, 1992. Jeremy Greenwood received a Ph.D. from the University of Rochester in 1983.
ZviHercowitz.jpg   281.70 KB (No. of downloads : 258)
Photo -- Zvi Hercowitz, 2003. Zvi Hercowitz earned his Ph.D. from the University of Rochester in 1980.
This work spawned the "Long-Run Implications of Investment-Specific Technological Change" (American Economic Review, 1997) and "The Role of Investment-Specific Technological Change in the Business Cycle" (European Economic Review, 2000). It contains some unpublished material on the vintage-capital structure of the models presented in these two papers.
A quantitative investigation of investment-specific technological change for the U.S. postwar period is undertaken, analyzing both long-term growth and business cycles within the same framework. 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 the U.S. National Income and Product Account data. The long- and short-run U.S. data are then interpreted through the eyes of this framework. The analysis suggests that investment-specific change accounts for a large part of U.S. growth and is a significant factor in U.S. business cycle fluctuations.
Contributor(s):
Zvi Hercowitz - Author
Per Krusell - Author
Jeremy Greenwood (1953 - ) - Author
Primary Item Type:
Working Paper
Series/Report Number:
IIES / 527
Language:
English
Subject Keywords:
economic growth.;business cycles,;investment-specific technological progress,
Sponsor - Description:
Swedish Social-Science Research Council -
First presented to the public:
2/10/2006
Original Publication Date:
2/10/2006
Citation:
License Grantor / Date Granted:
Jeremy Greenwood / 2006-02-10 23:57:55.0 ( View License )
Date Deposited
2006-02-10 23:58:07.0
Date Last Updated
2012-09-26 16:35:14.586719
Submitter:
Jeremy Greenwood

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