| Author: | Campbell, J. |
| Title: | Entry, exit, embodied technology, and business cycles |
| Journal: | Review of Economic Dynamics
1998 : APR, VOL. 1:2, p. 371-408 |
| Index terms: | ECONOMIC DYNAMICS TECHNOLOGY BUSINESS CYCLES |
| Language: | eng |
| Abstract: | This paper studies the entry and exit of U.S. manufacturing plants over the business cycle and compares the results with those from a vintage capital model augmented to reproduce observed features of the plant life cycle. Looking at the entry and exit of plants provides new evidence supporting the hypothesis that shocks to embodied technological change are a significant source of economic fluctuations. In the U.S. economy, the entry rate covaries positively without output and total factor productivity growth. |
SCIMA