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Technological change and the stock market

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J Laitner… - The American Economic Review, 2003 - ingentaconnect.com
Abstract: Tobin's average q has usually been well above 1, but fell below 1 during 1974-
1984. Our model explains this pattern and reconciles it with unchanging aggregate
investment. The stock market value in the numerator of q reflects ownership of physical ...
Cited by 102 - Related articles - BL Direct - All 14 versions

Optimal adoption of complementary technologies

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B Jovanovic… - American Economic Review, 2000 - JSTOR
When a production process requires two extremely complementary inputs, conventional
wisdom holds that a firm would always upgrade them simultaneously. We show, however,
that if upgrading each input involves a fixed cost, the firm may upgrade them at different ...
Cited by 51 - Related articles - Get it from MIT Libraries - Library Search - BL Direct - All 18 versions

Turnover of used durables in a stationary equilibrium: Are older goods traded more?

[PDF] from yale.edu
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D Stolyarov - Journal of Political Economy, 2002 - JSTOR
This paper develops a dynamic model with transaction costs to determine the equilibrium
resale pattern in a market for a durable good. The key result is that the probability of resale is
nonmonotonic in the age of the good. Trade volume is relatively low in the very beginning ...
Cited by 48 - Related articles - BL Direct - All 16 versions

Aggregate returns to scale and embodied technical change: Theory and measurement using stock market data

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J Laitner… - Journal of Monetary Economics, 2004 - Elsevier
We develop a new general equilibrium growth accounting framework that features
increasing returns to scale, imperfect competition and incorporates technological revolutions
into the description of technical progress. We propose a way to tell apart revolutionary ...
Cited by 43 - Related articles - All 10 versions

Inequality and volatility moderation in Russia: Evidence from micro-level panel data on consumption and income

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Y Gorodnichenko, K Sabirianova Peter… - Review of Economic …, 2010 - Elsevier
We construct key household and individual economic variables using a panel micro data set
from the Russia Longitudinal Monitoring Survey (RLMS) for 1994–2005. We analyze cross-
sectional income and consumption inequality trends and find that inequality decreased ...
Cited by 24 - Related articles - Library Search - All 25 versions

VALUING LOST HOME PRODUCTION OF DUAL EARNER COUPLES*

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C House, J Laitner… - International Economic …, 2008 - Wiley Online Library
Using a life-cycle model in which women divide their time between home and market work,
we establish a link between retirement wealth and the value of forgone home production.
We use data from the Health and Retirement Study to estimate the model's parameters ...
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[PDF] Owned Ideas and the Stock Market

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J Laitner… - 2005 - www-personal.umich.edu
Abstract During the late 1990s the market value of US businesses grew at 15% per year. It is
hard to reconcile such fast growth with observed rates of investment in physical capital and
R&D. We therefore propose a model in which new ideas are privately owned but ...
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Technological progress and worker productivity at different ages

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J Laitner… - 2008 - papers.ssrn.com
Abstract: Economists have long thought of technological progress as a primary determinant
of rising living standards over time. One might think of technological progress as increasing
the" effectiveness" of labor, thereby raising the amount of output that each unit of labor can ...
Cited by 6 - Related articles - All 12 versions

[PDF] Obsolescence of durable goods and optimal consumption

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E Stacchetti… - Econometric Society 2004 North …, 2004 - cowles.econ.yale.edu
Abstract We study a model with a durable good subject to periodic obsolescence, and
characterize analytically the optimal purchasing policy. The key result is that consumers
optimally synchronize new purchases with the innovation cycle. Consequently, some ...
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[CITATION] Durable Goods Markets with Transactions Costs

DL Stolyarov - Manuscript. Philadelphia: Univ. Pennsylvania, 1998
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Home Production of Dual Earner Couples and Consumption During Retirement

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C House, J Laitner… - 2008 - papers.ssrn.com
Abstract: To study the role of home production in life¿ cycle behavior, this paper creates a
theoretical model in which both spouses in a couple allocate their time between market and
home work. It then derives a pair of regression equations for estimating the parameters of ...
Cited by 3 - Related articles - All 11 versions

Asset pricing in dynamic stochastic general equilibrium models with indeterminacy

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N Gershun, SG Harrison, F Avalos… - Macroeconomic …, 2008 - Cambridge Univ Press
We explore asset pricing in the context of the one-sector Benhabib-Farmer-Guo (BFG)
model with increasing returns to scale in production and compare our results with financial
implications of the standard dynamic stochastic general equilibrium (DSGE) model. Our ...
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[CITATION] Obsolescence of Durables and Optimal Consumption

E Stacchetti… - 2007 - working paper, University of …
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[CITATION] jBusiness Life $ Cycle and the Marginal Cost of Capital, kmimeo

J Laitner… - 2009
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[PDF] Technology Adoption and Commitments: The Welfare Costs of industrialization Revisited

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B Jovanovic… - 2002 - www-personal.umich.edu
Abstract An individual with time0inconsistent preferences can use technology choice as a
commitment device. In order to avoid overwork, he may find it optimal to reject a modern
technology. Therefore, having more technologies available never makes an isolated ...
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[CITATION] International Technology Adoption: The Welfare Cost of Trade Restrictions Revisited

D Stolyarov - University of Pennsylvania, 1997
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Learning, Complementarities, and Asynchronous Use of Technology

B Jovanovic… - 1997 - nber.org
This paper deals with processes that require several complementary inputs subject to
improvements in quality. If after a quality upgrade one of these inputs requires a period of
learning before it can be used effectively, then in general it will pay to purchase the inputs ...
Cited by 2 - Related articles - Library Search - BL Direct - All 9 versions

Valuing Lost Home Production for Dual-Earner Couples

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J Laitner, C House… - 2008 - papers.ssrn.com
Abstract: Economists' principal tool for studying household behavioral responses to changes
in tax and other government policies, and the magnitude and determinants of private saving,
is the life-cycle model. The purpose of this paper is to attempt to incorporate into that ...
Cited by 2 - Related articles - All 10 versions

[PDF] Using Patent Data to Measure Private Knowledge Spillovers in a General Equilibrium Model

[PDF] from umich.edu
J Laitner… - 2008 - www-personal.umich.edu
Abstract We build a general equilibrium model where growth is driven by new ideas that can
have varying degrees of complementarity with previous innovations. The novel feature is
that some private agents can appropriate the value of knowledge spillovers that their ...
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[PDF] Derivative ideas and the value of intangible assets

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J Laitner… - 2011 - www-personal.umich.edu
Abstract We build a general equilibrium model in which growth is driven by two invention
types: fundamental ideas that cause creative destruction, and derivative ideas that enhance
the value of existing inventions. The model provides a new mapping from microeconomic, ...
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[PDF] Valuing Lost Home Production of Dual Earner Households

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C House, J Laitner… - 2006 Meeting Papers, 2006 - stanford.edu
Abstract We use micro data on income and wealth to estimate the value of foregone home
production by working married women. Our key finding is that the costs of womenms labor
force participation are modest: for every dollar that a married woman earns in the market, ...
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[PDF] Complementary Innovations, Patent Data and Intangible Capital.

[PDF] from sinica.edu.tw
J Laitner… - 2009 - econ.sinica.edu.tw
Abstract We build a general equilibrium model where growth is driven by new ideas that can
have varying degrees of complementarity with previous innovations. The novel feature is
that some private agents can appropriate the value of knowledge spillovers that their ...
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[CITATION] Code and data files for" Inequality and Volatility Moderation in Russia: Evidence from Micro-Level Panel Data on Consumption and Income"

Y Gorodnichenko, KS Peter… - Computer Codes, 2009 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to view
it first. Information about this may be contained in the File-Format links below. In case of further
problems read the IDEAS help page. Note that these files are not on the IDEAS site. ...
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[PDF] Complementary Innovations and the Value of Intangible Assets

[PDF] from umich.edu
J Laitner… - 2009 - www-personal.umich.edu
Abstract We build a general equilibrium model where growth is driven by new ideas that can
have varying degrees of complementarity with previous innovations. The model links micro $
level complementarities with the aggregate value of intangible capital and provides a new ...
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Trends in the Labor Force Participation of Married Women

[PDF] from umich.edu
C House, J Laitner… - 2008 - papers.ssrn.com
Abstract: This study seeks to quantify determinants, and costs, of the labor-force participation
of married women. We use demographic and earnings data from the Health and Retirement
Study. The earnings data constitute an unusually long panel but have the defect of lacking ...
Related articles - All 11 versions

Obsolescence of Durable Goods and Optimal Consumption

D Stolyarov… - Econometric Society 2004 Latin …, 2004 - ideas.repec.org
We study a model with a durable good subject to abrupt, periodic obsolescence, and
characterize the optimal purchasing policy. Consumers optimally synchronize new
purchases with the arrival of new durable models. Hence, some agents use a" flexible" ...
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[CITATION] Complementary Innovations, Patent Data and the Value of Intangible Capital.

J Laitner… - 2009
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[PDF] Optimal Adoption of Complementary Technologies

[PDF] from nyu.edu
BJD Stolyarov - 1997 - econ.as.nyu.edu
Abstract When the costs of adjusting inputs are not convex, a firm will sometimes wish to
adopt complementary technologies at different times. The conclusion is reinforced when it
takes time to learn how to operate the technologies. Complementarities (a) cause less" ...
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[PDF] Inequality in Russia during 1994-2005

[PDF] from nes.ru
Y Gorodnichenko, KS Peter… - 2007 - nes.ru
Abstract We analyze the cross-sectional and time series behavior of some key household
and individual economic variables using the panel micro data from the Russia Longitudinal
Monitoring Survey for 1994-2005. We compare our results to the official statistics and find ...
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[PDF] Entry Conditions and the Market Value of Capital

[PDF] from philadelphiafed.org
J Laitner… - 2011 - philadelphiafed.org
Abstract This paper presents a model of aggregative investment. In the model, the business
sector expands by adding new establishments. Costs of investment are linear but, in the
case of net investment, depend upon the risk of entry failure. We can measure the risk, ...
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Essays on the microeconomic foundations of macroeconomic behavior

DL Stolyarov - 1999 - repository.upenn.edu
Durable goods markets with transaction costs . The paper uses a dynamic model of durable goods
with transaction costs to determine the holding pattern for durables in a general equilibrium setting.
For each good, we determine the number and identities of its owners, ages when ...
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[PDF] A Life&Cycle Model with Home Production: Theory and Measurement

[PDF] from umich.edu
C House, J Laitner… - 2005 - www-personal.umich.edu
Economists have long recognized that home production is a substantial and interesting part
of economic activity. For example, the work by Benhabib et al.[1991] and Greenwood and
Hercowitz [1991], showed that models with home production can improve our ...
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[CITATION] Technological Change and the Stock Market

Full text - MIT Libraries
D Stolyarov… - American economic review, 2003 - dialnet.unirioja.es
... Technological Change and the Stock Market. Autores: Dmitriy Stolyarov, John Laitner;
Localización: American economic review, ISSN 0002-8282, Vol. 93, Nº 4, 2003 , págs.
1240-1267. Fundación Dialnet. Acceso de usuarios registrados. ...
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