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The Role of Investment-Specific Technological Change in the Business Cycle

Jeremy Greenwood, Zvi Hercowitz () and Per Krusell ()

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

Abstract: This is a specific investigation of the importance of technological change specific to new investment goods for postwar U.S. aggregate fluctuations. A growth model that incorporates this form of technological change is calibrated to U.S. data and simulated, using the relative price of new equipment to identify the process driving investment-specific technology shocks. The analysis suggests that this form of technological change is the source of about 30 percent output fluctuations.

Keywords: TECHNOLOGICAL CHANGE; BUSINESS CYCLES; INVESTMENTS (search for similar items in EconPapers)
JEL-codes: E32 O3 O4 (search for similar items in EconPapers)
Pages: 26 pages
Date: 1998
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