I would like to begin with two generally accepted propositions: First, technological change is a major ingredient of long-term economic growth, and second, technological change is characterized by a high degree of uncertainty. Understanding the nature of these uncertainties and the obstacles to surmounting them is not a trivial matter. Rather, it goes to the heart of how new technologies are de...

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The United States is in the midst of a technological revolution, driven in large part by rapid advances in microelectronics. There has been much speculation about the impacts of the “information superhighway” on society as a whole, but surprisingly little is known about the potential effects of this technology revolution on the spatial distribution of jobs and people either broadly or in urban ...

This paper considers a technological change that can be utilized only by production units adapting to the new technology. A simple firm dynamics model is used to show such an innovation enhances reallocation, whereas a technological advance that is available to all production units does not. This implication is used in structural vector autoregressions to study the driving force behind cyclical...

We estimate the rate of embodied technological change directly from plant-level manufacturing data on current output and input choices along with histories on their vintages of equipment investment. Our estimates range between 8 and 17 percent for the typical U.S. manufacturing plant during the years 1972-1996. Any number in this range is substantially larger than is conventionally accepted wit...

Given the present climate regime, it is crucial to analyse whether an incentive strategy exists that could induce the US to revise their decision and to comply with the Kyoto commitments. One solution, occasionally proposed in the literature and in actual policymaking, is to link negotiations on climate change control with decisions concerning international R&D cooperation. This paper explores ...