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| Author: | Hartley, J. |
| Title: | Does the Solow residual actually measure changes in technology? |
| Journal: | Review of Political Economy
2000 : JAN, VOL. 12:1, p. 27-43 |
| Index terms: | Technological change Business cycles Production functions |
| Language: | eng |
| Abstract: | Real business cycle models purport to explain the business cycle as a result of technological change. This paper shows that the commonly used measure of technological change, the Solow residual, does not capture changes in the technology of the production function. Technological change is modeled as a change in the value of one of the 'deep' technology parameters in the production function. |
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