| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP1119
|
| DP1119 The Equity Premium and the Risk Free Rate: A Cross Country, Cross Maturity Examination |
| Fabio Canova; Gianni de Nicolò
|
| 发表日期 | 1995-01-31
|
| 出版年 | 1995
|
| 语种 | 英语
|
| 摘要 | We develop a model of growth driven by successive improvements in `General Purpose Technologies' (GPTs), such as the steam engine, electricity, or micro-electronics. Each new generation of GPTs prompts investments in complementary inputs and impacts the economy after enough such compatible inputs become available. The long-run dynamics take the form of recurrent cycles: during the first phase of each cycle output and productivity grow slowly or even decline, and it is only in the second phase that growth starts in earnest. The historical record of productivity growth associated with electrification, and perhaps also of computerization lately, may offer supportive evidence for this pattern. In lieu of analytical comparative dynamics, we conduct simulations of the model over a wide range of parameters, and analyse the results statistically. We extend the model to allow for skilled and unskilled labour, and explore the implications for the behaviour over time of their relative wages. We also explore diffusion in the context of a multi-sector economy. |
| 主题 | International Macroeconomics
|
| 关键词 | General purpose technology
Growth
Productivity
|
| URL | https://cepr.org/publications/dp1119
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530259
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推荐引用方式
GB/T 7714 |
Fabio Canova,Gianni de Nicolò. DP1119 The Equity Premium and the Risk Free Rate: A Cross Country, Cross Maturity Examination. 1995.
|
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