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| Author: | Greenwood, J. Hercowitz, Z. Krusell, P. |
| Title: | The role of investment-specific technological change in the business cycle |
| Journal: | European Economic Review
2000 : JAN, VOL. 44:1, p. 91-115 |
| Index terms: | Equipment Investments Technological change Business cycles Models USA |
| Language: | eng |
| Abstract: | This is a quantitative investigation of the importance of technological change specific to new investment goods for postwar U.S. aggregate fluctuations. A growth model that incorporates this form of technological change is calibrated to U.S. data and simulated, using the relative price of new equipment to identify the process driving investment-specific technology shocks. The analysis suggests that this form of technological change is the source of about 30 percent of output fluctuations. |
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