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"Yes. We construct a measure of aggregate technology change, controlling for varying utilization of capital and labor, non-constant returns and imperfect competition, and aggregation effects. On impact, when technology improves, input use and non-residential investment fall sharply. Output changes little. With a lag of several years, inputs and investment return to normal and output rises strongly. We discuss what models could be consistent with this evidence. For example, standard onesector real- business-cycle models are not, since they generally predict that technology improvements are expansionary, with inputs and (especially) output rising immediately. However, the evidence is consistent with simple sticky-price models, which predict the results we find: When technology improves, input use and investment demand generally fall in the short run, and output itself may also fall"--Federal Reserve Bank of Chicago web site.
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Are technology improvements contractionary?
2004, Federal Reserve Bank of Chicago
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in English
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Are technology improvements contractionary?
2004, National Bureau of Economic Research
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Book Details
Edition Notes
"June 2004."
Includes bibliographical references (p. 40-43).
Also available via the Internet at the NBER Web site (www.nber.org).
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- Created September 29, 2008
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