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American Economic Review: Vol. 101 No. 4 (June 2011)

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Read All about It!! What Happens Following a Technology Shock?

Article Citation

Alexopoulos, Michelle. 2011. "Read All about It!! What Happens Following a Technology Shock?" American Economic Review, 101(4): 1144-79.

DOI: 10.1257/aer.101.4.1144

Abstract

Existing indicators of technical change are plagued by shortcomings. I present new measures based on books published in the field of technology that resolve many of these problems and use them to identify the impact of technology shocks on economic activity. They are positively linked to changes in R&D and scientific knowledge, and capture the new technologies' commercialization dates. Changes in information technology are found to be important sources of economic fluctuations in the post-WWII period, and total factor productivity, investment, and, to a lesser extent, labor are all shown to increase following a positive technology shock. (JEL E22, E23, E32, O33, O34, O47 )

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Authors

Alexopoulos, Michelle (U Toronto)

JEL Classifications

E22: Capital; Investment; Capacity
E23: Macroeconomics: Production
E32: Business Fluctuations; Cycles
O33: Technological Change: Choices and Consequences; Diffusion Processes
O34: Intellectual Property Rights
O47: Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence


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