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Transition dynamics in vintage capital models : explaining the postwar catch-up of Germany and Japan

Gilchrist, Simon (contributor); … - 2004

Persistent link: https://www.econbiz.de/10003156157

Speculative growth and overreaction to technology shocks

Lansing, Kevin J. - Federal Reserve Bank of San Francisco - 2008

speculative agents overreact to observed technology shocks. When making forecasts about the future, speculative agents behave like … to confirm the stronger technology response. For moderate levels of risk aversion, the forecast errors observed by the … improvements in technology, investment and consumption booms, and faster trend growth, reminiscent of the U.S. economy during the …

Persistent link: https://www.econbiz.de/10005361519

Growth accounting with misallocation: Or, doing less with more in Singapore

Fernald, John; Neiman, Brent - Federal Reserve Bank of San Francisco - 2010

real factor prices (the dual) can diverge from each other as well as from true technology growth. These distortions … potentially give rise to dynamic reallocation effects that imply that change in technology needs to be measured from the bottom up … aggregate and sectoral technology growth as well as reallocation effects. We also apply our framework to reconcile divergent TFP …

Persistent link: https://www.econbiz.de/10008465682

Quantifying embodied technological change

Sakellaris, Plutarchos; Wilson, Daniel J. - Federal Reserve Bank of San Francisco - 2001

We estimate the rate of embodied technological change directly from plant-level manufacturing data on current output and input choices along with histories on their vintages of equipment investment. Our estimates range between 8 and 17 percent for the typical U.S. manufacturing plant during the...

Persistent link: https://www.econbiz.de/10010702136

North-South technological diffusion and dynamic gains from trade

Connolly, Michelle P.; Valderrama, Diego - Federal Reserve Bank of San Francisco - 2005

This paper studies the transitional dynamics in a quality ladder model of endogenous growth in which North-South trade leads to technological diffusion through reverse engineering of intermediate goods. The concept of learning-to-learn is incorporated into both imitative and innovative...

Persistent link: https://www.econbiz.de/10010702158

Human capital and technology diffusion

Benhabib, Jess; Spiegel, Mark M. - Federal Reserve Bank of San Francisco - 2002

This paper generalizes the Nelson-Phelps catch-up model of technology diffusion. We allow for the possibility that the … pattern of technology diffusion can be exponential, which would predict that nations would exhibit positive catch-up with the …

Persistent link: https://www.econbiz.de/10010702180

Embodying embodiment in a structural, macroeconomic input-output model

Wilson, Daniel J. - Federal Reserve Bank of San Francisco - 2001

This paper describes an attempt to build a regression-based system of labor productivity equations that incorporate the effects of capital-embodied technological change into IDLIFT, a structural, macroeconomic input-output model of the U.S. economy. Builders of regression-based forecasting...

Persistent link: https://www.econbiz.de/10010702185

Is embodied technology the result of upstream R&D? industry-level evidence

Wilson, Daniel J. - Federal Reserve Bank of San Francisco - 2001

In this paper, I develop an industry-level index of capital-embodied R&D by capturing the extent of research and development directed at the capital goods in which a given industry invests. Compiling and adjusting data from the National Science Foundation and Commerce Department, I construct...

Persistent link: https://www.econbiz.de/10010702221

Importing technology

Caselli, Francesco; Wilson, Daniel - Federal Reserve Bank of San Francisco - 2003

We look at disaggregated imports of various types of equipment to make inferences on cross-country differences in the composition of equipment investment. We make three contributions. First, we document large differences in investment composition. Second, we explain these differences as being...

Persistent link: https://www.econbiz.de/10010702243

On using relative prices to measure capital-specific technological progress

Marquis, Milton; Trehan, Bharat - Federal Reserve Bank of San Francisco - 2005

Recently, Greenwood, Hercowitz and Krusell (GHK) have identified the relative price of (new) capital with capital-specific technological progress. In a two-sector growth model, however, the relative price of capital equals the ratio of the productivity processes in the two sectors. Restrictions...

Persistent link: https://www.econbiz.de/10005712216