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Greenwood, Jeremy - 1998

A satisfactory account of the postwar growth experience of the United States should be able to come to terms with the following three facts: 1. Since the early 1970's there has been a slump in the advance of productivity. 2. The price of new equipment has fallen steadily over the postwar period....

Persistent link: https://www.econbiz.de/10012472163

Investment, Capacity, and Uncertainty : A Putty-Clay Approach

Gilchrist, Simon - 2004

We embed the microeconomic decisions associated with investment under uncertainty, capacity utilization, and machine … mean-preserving spread in the productivity of investment raises aggregate investment, productivity, and output. Increases … in uncertainty have important dynamic implications, causing sustained increases in investment and hours and a medium …

Persistent link: https://www.econbiz.de/10012468247

Too Much of a Good Thing? The Economics of Investment in R&D

Jones, Charles I. - 1999

Research and development (R&D) is a key determinant of long run productivity and welfare. A central issue is whether a decentralized economy undertakes too little or too much R&D. We develop an endogenous growth model that incorporates parametrically four important distortions to R&D: the...

Persistent link: https://www.econbiz.de/10012471500

The Stock Market and Capital Accumulation

Hall, Robert E. - 1999

If firms purchase capital up to the point where there is no further marginal benefit, and the firms' securities are equal in value to the capital, then the market value of securities measures the quantity of capital. I explore the implications of this hypothesis using data from U.S. non-farm,...

Persistent link: https://www.econbiz.de/10012471608

Growth, Automation and the Long Run Share of Labor

ⓡ, Debraj Ray - 2020

We provide an argument for long-term automation and decline in the labor income share, driven by capital accumulation rather than technical progress or rising markups. We emphasize a fundamental asymmetry across physical and human capital. An individual can indefinitely replicate her claims on...

Persistent link: https://www.econbiz.de/10012479182

The Race Between Machine and Man : Implications of Technology for Growth, Factor Shares and Employment

Acemoglu, Daron - 2016

We examine the concerns that new technologies will render labor redundant in a framework in which tasks previously performed by labor can be automated and new versions of existing tasks, in which labor has a comparative advantage, can be created. In a static version where capital is fixed and...

Persistent link: https://www.econbiz.de/10012456424

Spontaneous Volatility of Output and Investment

Hall, Robert E. - 1989

Spontaneous shifts in output originating within the business sector are an important factor in aggregate fluctuations. This paper develops a simple two-component decomposition of the movement of real GNP. One component is the path that GNP would have followed in order to deliver the volume of...

Persistent link: https://www.econbiz.de/10012475899

Vintage Organization Capital

Jovanovic, Boyan - 2001

We study 114 years of U.S. stock market data and find That there are large cohort effects in stock prices, effects that we label 'organization capital,' That cohort effects grew at a rate of 1.75% per year, That the debt-equity ratio of all vintages declined, That three big technological waves...

Persistent link: https://www.econbiz.de/10012470560

Putty-Clay and Investment : A Business Cycle Analysis

Gilchrist, Simon - 1998

embodied technology, investment irreversibility, and variable capacity utilization. Low short-run capital …

Persistent link: https://www.econbiz.de/10012472001

Vintage Capital and Inequality

Jovanovic, Boyan - 1998

If machines are indivisible, a vintage capital model must give rise to income inequality. If new machines are always better than old ones and if society cannot provide everyone with a new machine all of the time, inequality will result. I explore this mechanism in detail. If technology resides...

Persistent link: https://www.econbiz.de/10012472392

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