Author : Jeremy Greenwood
Publisher : London, Ont. : Department of Economics, University of Western Ontario
Page : 48 pages
File Size : 11,47 MB
Release : 1995
Category : Capital investments
ISBN :
Author : Tang-Chih Lee
Publisher :
Page : pages
File Size : 39,59 MB
Release : 2005
Category : Capital productivity
ISBN :
Abstract: This dissertation investigates the relation between investment-specific technical change and long-run economic growth. The first essay points out the discrepancy between the steady state growth theorem and recent economic growth driven by information technology. Previous study finds that investment-specific technological progress accounts for 58% of economic growth in the U.S. However, their result hinges on the assumption of the Cobb-Douglas production function. This paper employs the CES production function to investigate the effect of investment-specific technological progress on long-run economic growth. In the steady state, quality improvement in each vintage is directed to expand more functions in one machine, resulting in contraction in the types of capital. The offsetting effect between quality and variety implies that the relative capital income share is constant in the steady state. Empirical tests for the U.S. data show that investment-specific technological progress does not generate long-run economic growth. The elasticity of substitution is significantly less than one, and that there is an offsetting effect to investment-specific technological progress. The second essay investigates the quality changes in capital and labor inputs across 46 industries from 1968 to 2001. We incorporate a time-varying quality measure to the efficiency units of capital. The result indicates that the average quality of capital assets over time has improved 46 percent in the cross industry average. The quality improvement effect accounts for 30 percent in the total growth of the efficiency units of capital. Although the net quantity effect is still the largest component in the growth of the efficiency units of capital, there is significant substitution among different vintages and asset types as well. The average quality growth in the efficiency units of labor is 17 percent. The third essay investigates unbalanced growth facts and their implications for existing growth theory. We find that the balanced growth implication is consistent with data for the United States at the national aggregate level, but not at a more disaggregate level and internationally. Among the various unbalanced growth facts, the increases in the depreciation rates of equipment and of aggregate capital have the most significant impact on the growth theory. Under the Cobb-Douglas framework, an increasing depreciation rate of equipment can result in rising, constant, or declining rate of return of equipment, depending on the magnitude of the decreasing net marginal product effect and the capital loss effect.
Author : Mr.Pau Rabanal
Publisher : International Monetary Fund
Page : 68 pages
File Size : 40,69 MB
Release : 2004-12-01
Category : Business & Economics
ISBN : 1451875657
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.
Author : Ben Bernanke
Publisher : MIT Press (MA)
Page : 407 pages
File Size : 34,20 MB
Release : 1996
Category : Business & Economics
ISBN : 9780262024143
This is the 11th volume in a series of annuals from the National Bureau of Economic Research that are designed to present, extend and apply work in macroeconomics, and to encourage and stimulate work by macroeconomists on policy issues. These contributions offer a sample of the issues and research directions in macroeconomics.
Author : Steven Durlauf
Publisher : Springer Science & Business Media
Page : 204 pages
File Size : 33,23 MB
Release : 2012-12-06
Category : Business & Economics
ISBN : 3642612113
One of the most enduring questions in economics involves how a nation could accelerate the pace of its economic development. One of the most enduring answers to this question is to promote exports -either because doing so directly influences development via encouraging production of goods for export, or because export promotion permits accumulation of foreign exchange which permits importation of high-quality goods and services, which can in turn be used to expand the nation's production possibilities. In either case, growth is said to be export-led; the latter case is the so-called "two-gap" hypothesis (McKinnon, 1964; Findlay, 1973). The early work on export-led growth consisted of static cross-country com parisons (Michaely, 1977; Balassa, 1978; Tyler, 1981; Kormendi and Meguire, 1985). These studies generally concluded that there is strong evidence in favour of export-led growth because export growth and income growth are highly correlated. However, Kravis pointed out in 1970 that the question is an essen tially dynamic one: as he put it, are exports the handmaiden or the engine of growth? To make this determination one needs to look at time series to see whether or not exports are driving income. This approach has been taken in a number of papers (Jung and Marshall, 1985; Chow, 1987; Serletis, 1992; Kunst and Marin, 1989; Marin, 1992; Afxentiou and Serletis, 1991), designed to assess whether or not individual countries exhibit statistically significant evidence of export-led growth using Granger causality tests.
Author : Alistair Dieppe
Publisher : World Bank Publications
Page : 552 pages
File Size : 11,82 MB
Release : 2021-06-09
Category : Business & Economics
ISBN : 1464816093
The COVID-19 pandemic struck the global economy after a decade that featured a broad-based slowdown in productivity growth. Global Productivity: Trends, Drivers, and Policies presents the first comprehensive analysis of the evolution and drivers of productivity growth, examines the effects of COVID-19 on productivity, and discusses a wide range of policies needed to rekindle productivity growth. The book also provides a far-reaching data set of multiple measures of productivity for up to 164 advanced economies and emerging market and developing economies, and it introduces a new sectoral database of productivity. The World Bank has created an extraordinary book on productivity, covering a large group of countries and using a wide variety of data sources. There is an emphasis on emerging and developing economies, whereas the prior literature has concentrated on developed economies. The book seeks to understand growth patterns and quantify the role of (among other things) the reallocation of factors, technological change, and the impact of natural disasters, including the COVID-19 pandemic. This book is must-reading for specialists in emerging economies but also provides deep insights for anyone interested in economic growth and productivity. Martin Neil Baily Senior Fellow, The Brookings Institution Former Chair, U.S. President’s Council of Economic Advisers This is an important book at a critical time. As the book notes, global productivity growth had already been slowing prior to the COVID-19 pandemic and collapses with the pandemic. If we want an effective recovery, we have to understand what was driving these long-run trends. The book presents a novel global approach to examining the levels, growth rates, and drivers of productivity growth. For anyone wanting to understand or influence productivity growth, this is an essential read. Nicholas Bloom William D. Eberle Professor of Economics, Stanford University The COVID-19 pandemic hit a global economy that was already struggling with an adverse pre-existing condition—slow productivity growth. This extraordinarily valuable and timely book brings considerable new evidence that shows the broad-based, long-standing nature of the slowdown. It is comprehensive, with an exceptional focus on emerging market and developing economies. Importantly, it shows how severe disasters (of which COVID-19 is just the latest) typically harm productivity. There are no silver bullets, but the book suggests sensible strategies to improve growth prospects. John Fernald Schroders Chaired Professor of European Competitiveness and Reform and Professor of Economics, INSEAD
Author : Luca Guerrieri
Publisher : DIANE Publishing
Page : 47 pages
File Size : 15,39 MB
Release : 2011-05
Category : Business & Economics
ISBN : 1437939074
IST shocks are often interpreted as multi-factor productivity (MFP) shocks in a separate investment-producing sector. However, this interpretation is strictly valid only when some stringent conditions are satisfied. Some of these conditions are at odds with the data. Using a two-sector model whose calibration is based on the U.S. Input-Output Tables, the authors consider the implications of relaxing several of these conditions. They show how the effects of IST shocks in a one-sector model differ from those of MFP shocks to an investment-producing sector of a two-sector model. MFP shocks induce a positive short-run correlation between consumption and investment consistent with U.S. data, while IST shocks do not. Illus. This is a print on demand report.
Author : Arnulf Grübler
Publisher : Routledge
Page : 414 pages
File Size : 14,58 MB
Release : 2010-09-30
Category : Nature
ISBN : 1136522913
Much is written in the popular literature about the current pace of technological change. But do we have enough scientific knowledge about the sources and management of innovation to properly inform policymaking in technology dependent domains such as energy and the environment? While it is agreed that technological change does not 'fall from heaven like autumn leaves,' the theory, data, and models are deficient. The specific mechanisms that govern the rate and direction of inventive activity, the drivers and scope for incremental improvements that occur during technology diffusion, and the spillover effects that cross-fertilize technological innovations remain poorly understood. In a work that will interest serious readers of history, policy, and economics, the editors and their distinguished contributors offer a unique, single volume overview of the theoretical and empirical work on technological change. Beginning with a survey of existing research, they provide analysis and case studies in contexts such as medicine, agriculture, and power generation, paying particular attention to what technological change means for efficiency, productivity, and reduced environmental impacts. The book includes a historical analysis of technological change, an examination of the overall direction of technological change, and general theories about the sources of change. The contributors empirically test hypotheses of induced innovation and theories of institutional innovation. They propose ways to model induced technological change and evaluate its impact, and they consider issues such as uncertainty in technology returns, technology crossover effects, and clustering. A copublication o Resources for the Future (RFF) and the International Institute for Applied Systems Analysis (IIASA).
Author : Almut Balleer
Publisher :
Page : pages
File Size : 19,98 MB
Release : 2008
Category :
ISBN :
Author : Patricia Hofmann
Publisher : Springer Science & Business Media
Page : 317 pages
File Size : 29,55 MB
Release : 2013-03-14
Category : Business & Economics
ISBN : 3642345816
Economic globalisation and technological change are the two issues that concerned people in the past, concern them today and will concern them in the future - all over the world, poor or rich. Traditionally, questions about allocative effects are asked: What are the labour market implications? Who loses? Who wins? What is the net aggregate welfare effect after an adjustment period? However, two points are rarely taken into consideration: How do globalisation and technological change interact and what are the potential long-run implications for economic growth? This book addresses the interplay of these megatrends. It asks how economic globalisation may affect innovation and technology of individual firms and eventually the growth prospects of countries. Thereby it shows that protectionism not only harms static efficiency but might as well lead to dynamic losses. The book provides a systematic overview of the theoretical underpinnings of the openness-growth nexus and summarises the conceptual problems and important findings of the empirical analyses so far. The theoretical insights are supported by two empirical studies, the first dealing with the innovative behaviour and the “within-multinational” technology transfer of Spanish firms that were acquired by foreign companies and the second analysing productivity growth rate implications from exporting for German manufacturing firms.
