Changing Technology Trends, Transition Dynamics, and Growth Accounting

Michael Pakko

The B.E. Journal of Macroeconomics, 2005, vol. 5, issue 1, 42

Abstract: The technology growth trends that underlie recent productivity patterns are investigated in a framework that incorporates investment-specific technological progress. Structural-break tests and regime-shifting models reveal the presence of a downward shift in total factor productivity growth in the late 1960s and an upward shift in investment-specific technology growth in the mid-1980s. In both cases, these breaks precede the generally recognized dates of labor productivity growth shifts. Simulations of technology growth shocks in a basic neoclassical model show that induced patterns of capital accumulation are generally consistent with the observed lags between technological advances and changes in productivity growth.

Keywords: Capital deepening; growth; productivity; transition dynamics (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (23)

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DOI: 10.2202/1534-6005.1304

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