Long-Run Implications of Investment-Specific Technological Change
Zvi Hercowitz () and
Per Krusell ()
RCER Working Papers from University of Rochester - Center for Economic Research (RCER)
The role that investment-specific technological change played in generating postwar US 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 US National Income and Product Account data. The quantitative analysis suggests that investment-specific technological change accounts for the major part of growth.
Keywords: TECHNOLOGICAL CHANGE; INVESTMENTS; ECONOMIC GROWTH (search for similar items in EconPapers)
JEL-codes: E13 O30 O41 O47 (search for similar items in EconPapers)
Pages: 37 pages
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Journal Article: Long-Run Implications of Investment-Specific Technological Change (1997)
Working Paper: Long-Run Implications of Investment-Specific Technological Change (1995)
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Persistent link: https://EconPapers.repec.org/RePEc:roc:rocher:420
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