| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15029 |
| 来源ID | Working Paper 15029 |
| Technology Innovation and Diffusion as Sources of Output and Asset Price Fluctuations | |
| Diego A. Comin; Mark Gertler; Ana Maria Santacreu | |
| 发表日期 | 2009-06-01 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | We develop a model in which innovations in an economy's growth potential are an important driving force of the business cycle. The framework shares the emphasis of the recent "new shock" literature on revisions of beliefs about the future as a source of fluctuations, but differs by tieing these beliefs to fundamentals of the evolution of the technology frontier. An important feature of the model is that the process of moving to the frontier involves costly technology adoption. In this way, news of improved growth potential has a positive effect on current hours. As we show, the model also has reasonable implications for stock prices. We estimate our model for data post-1984 and show that the innovations shock accounts for nearly a third of the variation in output at business cycle frequencies. The estimated model also accounts reasonably well for the large gyration in stock prices over this period. Finally, the endogenous adoption mechanism plays a significant role in amplifying other shocks. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles |
| URL | https://www.nber.org/papers/w15029 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572705 |
| 推荐引用方式 GB/T 7714 | Diego A. Comin,Mark Gertler,Ana Maria Santacreu. Technology Innovation and Diffusion as Sources of Output and Asset Price Fluctuations. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w15029.pdf（538KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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