Long-Run Implications of Investment-Specific Technological Change
Zvi Hercowitz () and
Per Krusell ()
American Economic Review, 1997, vol. 87, issue 3, 342-62
The role that investment-specific technological change played in generating postwar U.S. growth is investigated here. The premise is that the introduction of new, more efficient capital goods is an important source of productivity change and an attempt is made to disentangle its effects from the more traditional Hicks-neutral form of technological progress. The balanced growth path for the model is characterized and calibrated to U.S. National Income and Product Account data. The quantitative analysis suggests that investment-specific technological change accounts for the major part of growth. Copyright 1997 by American Economic Association.
References: Add references at CitEc
Citations: View citations in EconPapers (690) Track citations by RSS feed
Downloads: (external link)
http://links.jstor.org/sici?sici=0002-8282%2819970 ... O%3B2-X&origin=repec full text (application/pdf)
Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.
Working Paper: Long-Run Implications of Investment-Specific Technological Change (1996)
Working Paper: Long-Run Implications of Investment-Specific Technological Change (1995)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:aea:aecrev:v:87:y:1997:i:3:p:342-62
Ordering information: This journal article can be ordered from
Access Statistics for this article
American Economic Review is currently edited by Esther Duflo
More articles in American Economic Review from American Economic Association Contact information at EDIRC.
Bibliographic data for series maintained by Michael P. Albert ().