We construct a measure of aggregate technology change, controlling for imperfect competition, varying utilization of … capital and labor, and aggregation effects. On impact, when technology improves, input use falls sharply, and output may fall … frictionless dynamic general equilibrium models, which generally predict that technology improvements are expansionary, with inputs …

of a technology shock has become widely utilized. In this paper, we investigate its reliability through Monte Carlo … impact of a technology shock on macroeconomic variables, and a corresponding level of uncertainty about the contribution of … technology shocks to the business cycle. …

of technology is embodied in the capital stock. Classic papers from the late 1950's and 1960's show that non …-optimization models display the same asymptotic growth rates whether technology is embodied (vintage capital) or disembodied. This paper …

This paper investigates the response of hours worked to a permanent technology shock. Based on annual data from Canada …, we argue that hours worked rise after a positive technology shock. We obtain a similar result using annual data from the … United States. These results contradict a large literature that claims that a positive technology shock causes hours worked …

endogenously with technological change. If technology changes rapidly during the process of development, learning fosters the …

-up mechanism through capital accumulation where technology is embodied in new capital goods. Using a putty-clay model of production …

Aggregate productivity and aggregate technology are meaningful but distinct concepts. We show that a slightly …-modified Solow productivity residual measures changes in economic welfare, even when productivity and technology differ because of …-technological gaps between productivity and technology, gaps reflecting imperfections and frictions in output and factor markets …