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| Author: | Stadler, G. W. |
| Title: | Business cycle models with endogenous technology |
| Journal: | American Economic Review
1990 : SEP, VOL. 80:4, p. 763-778 |
| Index terms: | BUSINESS CYCLES MODELS TECHNOLOGICAL CHANGE PRODUCTIVITY EMPLOYMENT OUTPUT |
| Language: | eng |
| Abstract: | The implications are examined that endogenous technical change has for business cycle theory. Real and monetary business cycle models are compared with and without endogenous technical change. If technology is endogenous, the properties of these models change significantly. Both real and monetary models yield very similar output processes if growth is endogenous, and changes in aggregate demand can result in permanent changes in productivity, employment and output. The monetary models ignore technical change, implying that demand-side disturbances have no impact on technology. Real models assume that random changes in productivity or technology cause output fluctuations in perfectly competitive environments. |
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