Long-Run Implications of Investment-Specific Technological Change

Jeremy Greenwood, Zvi Hercowitz () and Per Krusell

RCER Working Papers from University of Rochester - Center for Economic Research (RCER)

Abstract: 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
Date: 1996
References: Add references at CitEc
Citations: View citations in EconPapers (11)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Journal Article: Long-Run Implications of Investment-Specific Technological Change (1997)
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) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:roc:rocher:420

Access Statistics for this paper

More papers in RCER Working Papers from University of Rochester - Center for Economic Research (RCER) University of Rochester, Center for Economic Research, Department of Economics, Harkness 231 Rochester, New York 14627 U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by Richard DiSalvo ( this e-mail address is bad, please contact ).