EconPapers    
Economics at your fingertips  
 

Trend breaks and the long-run implications of investment-specific technological progress

Alban Moura

Applied Economics Letters, 2023, vol. 30, issue 16, 2270-2275

Abstract: I update the Greenwood, Hercowitz, and Krusell (1997, GHK) decomposition of U.S. growth into contributions from neutral and investment-specific (IS) technological progress. I allow the decomposition to vary across sub-samples, reflecting the presence of trend breaks in the data. The estimates show strong heterogeneity across periods: while neutral technological progress explained virtually all growth between 1950 and the mid-1970s, IS technological progress accounts for 75% of growth since the 1980s. These results paint a more complex picture of postwar U.S. growth than GHK’s original decomposition and call for a better understanding of the 1970s productivity shifts.

Date: 2023
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://hdl.handle.net/10.1080/13504851.2022.2096855 (text/html)
Access to full text is restricted to subscribers.

Related works:
Working Paper: Trend breaks and the long-run implications of investment-specific technological progress (2021) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:apeclt:v:30:y:2023:i:16:p:2270-2275

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RAEL20

DOI: 10.1080/13504851.2022.2096855

Access Statistics for this article

Applied Economics Letters is currently edited by Anita Phillips

More articles in Applied Economics Letters from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().

 
Page updated 2025-03-22
Handle: RePEc:taf:apeclt:v:30:y:2023:i:16:p:2270-2275