Edge, Rochelle M.; Laubach, Thomas; Williams, John C. - 2004
decline in employment and investment, con-
trary to the experiences of the 1970s and 1990s. In contrast, with learning, a rise … in
the long-run rate of productivity growth sets o a sustained boom in employment and
investment, with long-term interest …-run productivity
growth owe to movements in TFP growth concentrated in the investment goods sector
or economy-wide TFP.
JEL Codes: E13 …