Are technology improvements contractionary?

Are technology improvements contractionary?
Susanto Basu, Susanto Basu
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Last edited by MARC Bot
December 11, 2020 | History

Are technology improvements contractionary?

"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.

Publish Date
Language
English

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Edition Availability
Cover of: Are technology improvements contractionary?
Are technology improvements contractionary?
2004, National Bureau of Economic Research
Electronic resource in English
Cover of: Are technology improvements contractionary?
Are technology improvements contractionary?
2004, Federal Reserve Bank of Chicago
Electronic resource in English
Cover of: Are technology improvements contractionary
Are technology improvements contractionary
2004, National Bureau of Economic Research
in English

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Book Details


Edition Notes

Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 12/17/2004.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.

Published in
[Chicago, Ill.]
Series
Working paper series ;, WP-2004-20, Working paper series (Federal Reserve Bank of Chicago. Research Dept. : Online) ;, WP-2004-20.

Classifications

Library of Congress
HG2401

The Physical Object

Format
Electronic resource

ID Numbers

Open Library
OL3390576M
LCCN
2004620323

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Download catalog record: RDF / JSON / OPDS | Wikipedia citation
December 11, 2020 Edited by MARC Bot import existing book
July 31, 2012 Edited by VacuumBot Updated format '[electronic resource] /' to 'Electronic resource'
January 9, 2011 Edited by ImportBot Found a matching Library of Congress MARC record
December 12, 2009 Edited by WorkBot link works
April 1, 2008 Created by an anonymous user Imported from Scriblio MARC record