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来源类型Working Paper
规范类型报告
DOI10.3386/w22005
来源IDWorking Paper 22005
Endogenous Technology Adoption and R&D as Sources of Business Cycle Persistence
Diego Anzoategui; Diego Comin; Mark Gertler; Joseba Martinez
发表日期2016-02-22
出版年2016
语种英语
摘要We examine the hypothesis that the slowdown in productivity following the Great Recession was in significant part an endogenous response to the contraction in demand that induced the downturn. We first present some panel data evidence that technology diffusion is highly cyclical. We then develop and estimate a macroeconomic model with an endogenous TFP mechanism that allows for both costly development and adoption of new technologies. We then show that the model's implied cyclicality of technology diffusion is consistent with the panel data evidence. We next use the model to assess the sources of the productivity slowdown. We find that a significant fraction of the post- Great Recession fall in productivity was an endogenous phenomenon. The endogenous productivity mechanism also helps account for the slowdown in productivity prior to the Great Recession, though for this period shocks to the effectiveness of R&D expenditures are critical. Overall, the results are consistent with the view that demand factors have played a role in the slowdown of capacity growth since the onset of the recent crisis. More generally, they provide insight into why recoveries from financial crises may be so slow.
主题Macroeconomics ; Business Cycles ; Development and Growth ; Innovation and R& ; D
URLhttps://www.nber.org/papers/w22005
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/579679
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Diego Anzoategui,Diego Comin,Mark Gertler,et al. Endogenous Technology Adoption and R&D as Sources of Business Cycle Persistence. 2016.
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