The role of investment-speci"c technological change in the business cycle
نویسندگان
چکیده
This is a quantitative investigation of the importance of technological change speci"c to new investment goods for postwar US aggregate #uctuations. 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 investmentspeci"c technology shocks. The analysis suggests that this form of technological change is the source of about 30% of output #uctuations. ( 2000 Elsevier Science B.V. All rights
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