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Measuring Moore's Law : Evidence from Price, Cost, and Quality Indexes
Flamm, Kenneth - 2018
“Moore's Law” in the semiconductor manufacturing industry is used to describe the predictable historical evolution of a single manufacturing technology platform that has been continuously reducing the costs of fabricating electronic circuits since the mid-1960s. Some features of its future...
Persistent link: https://www.econbiz.de/10012920368
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Hedonic Price Indexes and the Measurement of Capital and Productivity : Some Historical Reflections
Griliches, Zvi - 2021
slowdown in the growth of total factor productivity as implying, necessarily, a parallel slowdown in the technological …
Persistent link: https://www.econbiz.de/10013212907
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Rents, Technical Change, and Risk Premia : Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares
Caballero, Ricardo J. - 2017
The secular decline in safe interest rates since the early 1980s has been the subject of considerable attention. In this short paper, we argue that it is important to consider the evolution of safe real rates in conjunction with three other first-order macroeconomic stylized facts: the relative...
Persistent link: https://www.econbiz.de/10012963747
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A Theory of Firm Characteristics and Stock Returns : The Role of Investment-Specific Shocks
Kogan, Leonid - 2012
shocks is endogenously determined by the fraction of firm value due to growth opportunities. In our structural model, several … stock returns - help predict the share of growth opportunities in the firm's market value, and are therefore correlated with … growth - that are supported by the data …
Persistent link: https://www.econbiz.de/10013107998
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Growth Opportunities, Technology Shocks, and Asset Prices
Kogan, Leonid - 2012
differential effect on the two fundamental components of firm value, the value of assets in place and the value of growth … growth opportunities are different from those on firms with limited growth opportunities. Second, firms with similar levels … of growth opportunities comove with each other, giving rise to the value factor in stock returns. Our model replicates …
Persistent link: https://www.econbiz.de/10013111737
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Patents, R and D, and the Stock Market Rate of Return
Pakes, Ariel - 2021
The purpose of this paper is to present and estimate a model which allows one to use the recently computerized U.S. Patent Office's data base to identify when and where changes in inventive output have occurred. The model assumes a firm which chooses a research strategy to maximize the expected...
Persistent link: https://www.econbiz.de/10013245544
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Can News About the Future Drive the Business Cycle?
Jaimovich, Nir - 2010
Aggregate and sectoral comovement are central features of business cycle data. Therefore, the ability to generate comovement is a natural litmus test for macroeconomic models. But it is a test that most existing models fail. In this paper we propose a unified model that generates both aggregate...
Persistent link: https://www.econbiz.de/10012760629
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Monopoly and the Incentive to Innovate When Adoption Involves Switchover Disruptions
Holmes, Thomas J. - 2015
When considering the incentive of a monopolist to adopt an innovation, the textbook model assumes that it can instantaneously and seamlessly introduce the new technology. In fact, firms often face major problems in integrating new technologies. In some cases, firms have to (temporarily) produce...
Persistent link: https://www.econbiz.de/10012750248
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International Differences in the Adoption and Impact of New Information Technologies and New Hr Practices : The Valve-Making Industry in the U.S. And U.K
Bartel, Ann P. - 2015
This paper compares the impact of new IT-enhanced technology on the efficiency of production in the U.S. and the U.K. for one manufacturing industry, valve manufacturing. There is a long-standing question of whether technological change and organizational changes have the same rates of adoption...
Persistent link: https://www.econbiz.de/10012750297
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Computerizing Industries and Routinizing Jobs : Explaining Trends in Aggregate Productivity
Aum, Sangmin - 2018
Aggregate productivity growth in the U.S. has slowed down since the 2000s. We quantify the importance of differential … productivity growth across occupations and across industries, and the rise of computers since the 1980s, for the productivity … productivity growth, reducing their contributions toward aggregate productivity growth, resulting in its slowdown. We find that …
Persistent link: https://www.econbiz.de/10012926403