MARC Record from Library of Congress

LEADER: 02186cam a22003137a 4500
001 2004620323
003 DLC
005 20100902115554.0
007 cr |||||||||||
008 041217s2004 ilu sb f000 0 eng
010 $a 2004620323
040 $aDLC$cDLC$dDLC
050 00 $aHG2401
100 1 $aBasu, Susanto.
245 10 $aAre technology improvements contractionary?$h[electronic resource] /$cSusanto Basu, John Fernald, Miles Kimball.
260 $a[Chicago, Ill.] :$bFederal Reserve Bank of Chicago,$c[2004]
490 1 $aWorking paper series ;$vWP-2004-20
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 12/17/2004.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"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.
650 0 $aTechnological innovations$xEconomic aspects$xMathematical models.
650 0 $aDiffusion of innovations$xMathematical models.
700 1 $aFernald, John G.
700 1 $aKimball, Miles S.
830 0 $aWorking paper series (Federal Reserve Bank of Chicago. Research Dept. : Online) ;$vWP-2004-20.
856 40 $uhttp://www.chicagofed.org/economic_research_and_data/wp_abstract.cfm?pubsID=672