TY - JOUR
T1 - The role of investment-specific technological change in the business cycle
AU - Greenwood, Jeremy
AU - Hercowitz, Zvi
AU - Krusell, Per
PY - 2000/1
Y1 - 2000/1
N2 - This is a quantitative investigation of the importance of technological change specific to new investment goods for postwar US aggregate fluctuations. A growth model that incorporates this form of technological change is calibrated to US 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 changes is the source of about 30% of output fluctuations.
AB - This is a quantitative investigation of the importance of technological change specific to new investment goods for postwar US aggregate fluctuations. A growth model that incorporates this form of technological change is calibrated to US 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 changes is the source of about 30% of output fluctuations.
KW - Business cycles
KW - Equipment investment
KW - Technological change
UR - http://www.scopus.com/inward/record.url?scp=0033963790&partnerID=8YFLogxK
U2 - 10.1016/S0014-2921(98)00058-0
DO - 10.1016/S0014-2921(98)00058-0
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AN - SCOPUS:0033963790
SN - 0014-2921
VL - 44
SP - 91
EP - 115
JO - European Economic Review
JF - European Economic Review
IS - 1
ER -
