frictionless dynamic general equilibrium models, which generally predict that technology improvements are expansionary, with inputs …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 …

of a technology shock has become widely utilized. In this paper, we investigate its reliability through Monte Carlo … simulations of several relatively standard business cycle models. We find it encouraging that the impulse responses derived from … impact of a technology shock on macroeconomic variables, and a corresponding level of uncertainty about the contribution of …

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

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 …

general equilibrium models as if Solow residuals were technology shocks confuses impulses and propagation mechanisms. …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 …