Read All about It!! What Happens Following a Technology Shock?
Alexopoulos, Michelle. 2011. "Read All about It!! What Happens Following a Technology Shock?."
American Economic Review,
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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Alexopoulos, Michelle (U Toronto)
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