Technology, convergence and business cycles

Galo Nuño Barrau

No 922, Working Papers from Banco de España

Abstract: In this paper we integrate Schumpeterian endogenous growth into a general equilibrium framework. By explicitely modelling the innovation and technology adoption process we are able to match some stylized economic facts such as entry rates and survival times of firms in the U.S. economy or the maximum convergence rates accross countries. Additionally, it allows us to propose a new definition of what a technology shock is and to compare it with the standard definition. Results show how this framework provides a plausible description of how economies grow and respond to the arrival of new technologies.

Keywords: Medium-term business cycles; Schumpeterian growth; technology adoption (search for similar items in EconPapers)
JEL-codes: E3 O3 O4 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2009-10
New Economics Papers: this item is included in nep-bec, nep-cba, nep-ent, nep-fdg and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:0922

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