Technological Change and the Roaring Twenties: A Neoclassical Perspective

Sharon Harrison and Mark Weder

No 2009-29, School of Economics and Public Policy Working Papers from University of Adelaide, School of Economics and Public Policy

Abstract: In this paper, we address the causes of the Roaring Twenties in the United States. In particular, we use a version of the real business cycle model to test the hypothesis that an extraordinary pace of productivity growth was the driving factor. Our motivation comes from the abundance of evidence of significant technological progress during this period, fed by innovations in manufacturing and the widespread introduction of electricity. Our estimated total factor productivity series generate artificial model output that shows high conformity with the data: the model economy successfully replicates the boom years from 1922-1929.

Keywords: real business cycles; Roaring Twenties (search for similar items in EconPapers)
JEL-codes: E32 N12 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2009
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Citations: View citations in EconPapers (7)

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Journal Article: Technological change and the roaring twenties: A neoclassical perspective (2009)
Working Paper: Technological Change and the Roaring Twenties: A Neoclassical Perspective (2009)
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