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/lp/de-gruyter/changing-technology-trends-transition-dynamics-and-growth-accounting-339jQrUYpj
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- Publisher
- de Gruyter
- Copyright
- ©2011 Walter de Gruyter GmbH & Co. KG, Berlin/Boston
- ISSN
- 1935-1690
- eISSN
- 1534-5998
- DOI
- 10.2202/1534-6005.1304
- Publisher site
- See Article on Publisher Site
Abstract
AbstractThe technology growth trends that underlie recent productivity patterns are investigated in a framework that incorporates investment-specific technological progress. Structural-break tests and regime-shifting models reveal the presence of a downward shift in total factor productivity growth in the late 1960s and an upward shift in investment-specific technology growth in the mid-1980s. In both cases, these breaks precede the generally recognized dates of labor productivity growth shifts. Simulations of technology growth shocks in a basic neoclassical model show that induced patterns of capital accumulation are generally consistent with the observed lags between technological advances and changes in productivity growth.
Journal
The B E Journal of Macroeconomics – de Gruyter
Published: Dec 29, 2005
Keywords: Capital deepening; growth; productivity; transition dynamics