Gilchrist, Simon (contributor); … - 2004
-in shock, the simulated
investment share in 1950 is about 6 percentage points below its 1980 level. By
comparison, Germany …-
lation where technology is embodied in new capital goods. Using a putty-clay
model of production and investment, we are able … rates of investment and
employment, and moderate rates of return to capital.
Keywords: putty-clay, embodied technology …