Download or read book Period of Technology Adoption Business Cycles Over Frequencies and Economic Growth Over Countries written by Jean Fan and published by . This book was released on 1995 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Download or read book Technology Shocks and Aggregate Fluctuations written by Mr.Pau Rabanal and published by International Monetary Fund. This book was released on 2004-12-01 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the strong positive comovement between output and labor input measures.
Download or read book Growth Cycles written by George W. Evans and published by . This book was released on 1996 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: We construct a rational expectations model in which aggregate growth alternates between a low growth and a high growth state. When all agents expect growth to be slow, the returns on investment are low, and little investment takes place. This slows growth and confirms the prediction that the returns on investment will be low. But if agents expect fast growth, investment is high, returns are high, and growth is rapid. This expectational indeterminacy is induced by complementarity between different types of capital goods. In a growth cycle there are stochastic shifts between high and low growth states and agents take full account of these transitions. The rules that agents need to form rational expectations in this equilibrium are simple. The equilibrium with growth cycles is stable under the dynamics implied by a correspondingly simple learning rule.
Download or read book Technology innovation and diffusion as sources of output and asset price fluctuations written by Diego Comin and published by . This book was released on 2009 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a model in which innovations in an economy's growth potential are an important driving force of the business cycle. The framework shares the emphasis of the recent "new shock" literature on revisions of beliefs about the future as a source of fluctuations, but differs by tieing these beliefs to fundamentals of the evolution of the technology frontier. An important feature of the model is that the process of moving to the frontier involves costly technology adoption. In this way, news of improved growth potential has a positive effect on current hours. As we show, the model also has reasonable implications for stock prices. We estimate our model for data post-1984 and show that the innovations shock accounts for nearly a third of the variation in output at business cycle frequencies. The estimated model also accounts reasonably well for the large gyration in stock prices over this period. Finally, the endogenous adoption mechanism plays a significant role in amplifying other shocks.
Download or read book The Intensive Margin of Technology Adoption written by Diego Comin and published by . This book was released on 2010 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: We present a tractable model for analyzing the relationship between economic growth and the intensive and extensive margins of technology adoption. The "extensive" margin refers to the timing of a country's adoption of a new technology; the "intensive" margin refers to how many units are adopted (for a given size economy). At the aggregate level, our model is isomorphic to a neoclassical growth model, while at the microeconomic level it features adoption of firms at the extensive and the intensive margin. Based on a data set of 15 technologies and 166 countries our estimations of the model yield four main findings: (i) there are large cross-country differences in the intensive margin of adoption; (ii) differences in the intensive margin vary substantially across technologies; (iii) the cross-country dispersion of adoption lags has declined over time while the cross-country dispersion in the intensive margin has not; (iv) the cross- country variation in the intensive margin of adoption accounts for more than 40% of the variation in income per capita.
Download or read book Technology Convergence and Business Cycle written by Galo Nuño and published by . This book was released on 2009 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economic Forecasts written by Ralf Brüggemann and published by Walter de Gruyter GmbH & Co KG. This book was released on 2016-11-21 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Forecasts guide decisions in all areas of economics and finance. Economic policy makers base their decisions on business cycle forecasts, investment decisions of firms are based on demand forecasts, and portfolio managers try to outperform the market based on financial market forecasts. Forecasts extract relevant information from the past and help to reduce the inherent uncertainty of the future. The topic of this special issue of the Journal of Economics and Statistics is the theory and practise of forecasting and forecast evaluation and an overview of the state of the art of forecasting.
Download or read book Economic Growth in a Developing Country the Role of Technology Adoption and Industrialization written by Been-Lon Chen and published by . This book was released on 1992 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Handbook of Economic Growth written by Philippe Aghion and published by Newnes. This book was released on 2013-12-20 with total page 1172 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volumes 2A and 2B of The Handbook of Economic Growth summarize recent advances in theoretical and empirical work while offering new perspectives on a range of growth mechanisms, from the roles played by institutions and organizations to the ways factors beyond capital accumulation and technological change can affect growth. Written by research leaders, the chapters summarize and evaluate recent advances while explaining where further research might be profitable. With analyses that are provocative and controversial because they are so directly relevant to public policy and private decision-making, these two volumes uphold the standard for excellence in applied economics set by Volumes 1A and 1B (2005). - Offers definitive theoretical and empirical scholarship about growth economics - Empowers readers to evaluate the work of other economists and to plan their own research projects - Demonstrates the value of empirical testing, with its implicit conclusion that our understanding of economic growth will help everyone make better decisions
Download or read book Technology Cycles and U S Economic Policy in the Early 21st Century written by Nathan Edmonson and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "The overarching theme of this volume is the cyclical nature of technological change, its impact on economic growth, and the limits of government intervention. Technological revolutions are infrequent; there were only three in all of the twentieth century. When they occur, their possibilities are often not immediately apparent. Technology revolutions induce capital investment, not just because they stimulate the need to acquire the new technology, but also because of the need to replace obsolete capacity and new infrastructure. While government has encouraged general economic progress by carrying out highly risky innovations unrelated to fostering economic growth, it seldom succeeds with specific efforts to foster growth. Recent examples of success include the Internet and the global positioning system (GPS), which trace their origins to defense-related research. In contrast, the countercyclical economic stimuli of 2007-2009 have achieved little in the way of general growth. The lack of data about the technology cycle makes formulating appropriate monetary and other policy countercyclical interventions difficult. A technology-founded upswing animated the American economy after 1990, and the -great recession- of 2007- 2009 reflected the waning of the investment boom that this revolution generated. Edmonson argues that the impact of technology revolutions on general economic growth has never received the attention it deserves. This volume will contribute much to debates on economic policy."--Provided by publisher.
Download or read book The New Palgrave Dictionary of Economics written by and published by Springer. This book was released on 2016-05-18 with total page 7493 pages. Available in PDF, EPUB and Kindle. Book excerpt: The award-winning The New Palgrave Dictionary of Economics, 2nd edition is now available as a dynamic online resource. Consisting of over 1,900 articles written by leading figures in the field including Nobel prize winners, this is the definitive scholarly reference work for a new generation of economists. Regularly updated! This product is a subscription based product.
Download or read book Technology Convergence and Business Cycles written by Galo Nuno and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we integrate Schumpeterian endogenous growth into a general equilibrium framework. By explicitely modelling the innovation and technology adoption process we are able to match some stylized economic facts such as entry rates and survival times of firms in the U.S. economy or the maximum convergence rates accross countries. Additionally, it allows us to propose a new definition of what a technology shock is and to compare it with the standard definition. Results show how this framework provides a plausible description of how economies grow and respond to the arrival of new technologies.
Download or read book Cycles Growth and Structural Change written by Lionello F Punzo and published by Routledge. This book was released on 2003-09-02 with total page 415 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume gathers together key new contributions on the subject of the relationship, both empirical and theoretical, between economic oscillations, growth and structural change. Employing a sophisticated level of mathematical modelling, the collection contains articles from, amongst others, William Baumol, Katsuhito Iwai and William Brock.
Download or read book The Diffusion of Process Innovations written by Stephen Davies and published by CUP Archive. This book was released on 1979-07-12 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monograph comprising theoretical and empirical analyses of industrial process Innovation in the UK - developing an economic model, examines the time factors of technological change at enterprise level and industry level (such as size of enterprise, industrial structure, industrial concentration, nature of Innovation, etc.). References.
Download or read book Neoclassical Growth and the Adoption of Technologies written by Diego Comin and published by . This book was released on 2004 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: We introduce a growth model of technology diffusion and endogenous Total Factor Productivity (TFP) levels both at the sector and aggregate level. At the aggregate, the model behaves as the Neoclassical growth model. Our goal is for this model to bridge the gap between the theoretical and empirical studies of technology adoption and economic growth. We bridge this gap in three important directions. First of all, we use our model to show how one unified theoretical framework is broadly consistent with the observed dynamics of both economic growth as well as of many different measures of technology adoption, like adoption rates, capital to output ratios, and output ratios. Secondly, we estimate our model using a broad range of technological adoption measures, covering 17 technologies and 21 industrialized countries over the past 180 years. This allows us to show how its predicted adoption patterns fit those observed in the data. Finally, we estimate the disparities in sectoral productivity levels as well as aggregate TFP that can be attributed to the differences in the range of technologies in use across countries. These disparities are almost completely determined by the quality of the worst technology in use, rather than by the quality of the newest technology that has just been adopted or by the number of technologies in use. Further, we find that the TFP component attributable to the range of technologies used is highly correlated with overall sectoral TFP differences across countries, though the variance is smaller.
Download or read book Technology Convergence and Business Cycles written by Galo Nuño Barrau and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we integrate Schumpeterian endogenous growth into a general equilibrium framework. By explicitely modelling the innovation and technology adoption process we are able to match some stylized economic facts such as entry rates and survival times of firms in the U.S. economy or the maximum convergence rates accross countries. Additionally, it allows us to propose a new definition of what a technology shock is and to compare it with the standard definition. Results show how this framework provides a plausible description of how economies grow and respond to the arrival of new technologies. [Resumen de autor]
