, investment and savings tend to fall in steady state, with little effect on output and employment, enabling the household to … technology induce dominant substitution effects and an expansion characterized by an investment boom …

that the use of capital stock in efficiency units does cause some smoothing of Total Factor Productivity growth over time …The age structure of capital plays an important role in the measurement of productivity. It has been argued that the … productivity measurement. A proposition proves that Nelson's (1964) formula is wrong. Our final proposition shows that inclusion of …

that the use of capital stock in efficiency units does cause some smoothing of Total Factor Productivity growth over time …The age structure of capital plays an important role in the measurement of productivity. It has been argued that the … productivity measurement. A proposition proves that Nelson's (1964) formula is wrong. Our final proposition shows that inclusion of …

results indicate that the use of capital stock in efficiency units does cause some smoothing of Total Factor Productivity …The age structure of capital plays an important role in the measurement of productivity. It has been argued that the … productivity measurement. One proposition proves that Nelson's (1964) formula is only an approximation. Our final proposition shows …

and exploiting the lumpiness of capital accumulation, we document that large investment episodes lead to productivity …We study how the timing of technology adoption through capital accumulation shapes firm-level productivity dynamics and …