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Accounting for Growth
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
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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
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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
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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
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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
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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
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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
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Experience, Vintage and Time Effects in the Growth of Earnings : AmericanScientists, 1960-1970
Weiss, Yoram - 1976
: experience, age, vintage and calendar year. The first section of the paper provides a brief outline of a theory of planned growth …
Persistent link: https://www.econbiz.de/10012478991
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The Vintage Effect in TFP Growth : An Analysis of the Age Structure of Capital
Gittleman, Maury - 2003
. Here capital ages if the investment/capital ratio falls short of the inverse of the capital age, as a first proposition …. In the 1950s, when investment accelerated, the vintage-adjusted capital growth rate well exceeded the BEA growth rate …
Persistent link: https://www.econbiz.de/10012468930
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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