Replication data for: Are Technology Improvements Contractionary?
Principal Investigator(s): View help for Principal Investigator(s) Susanto Basu; John G. Fernald; Miles S. Kimball
Version: View help for Version V1
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Fig-3 | 12/07/2019 12:19:PM | ||
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Table-4 | 12/07/2019 12:19:PM | ||
Tables-1-2-5-7 | 12/07/2019 12:19:PM | ||
BFK-Technology-Series.xls | application/vnd.ms-excel | 76.5 KB | 12/07/2019 07:19:AM |
LICENSE.txt | text/plain | 14.6 KB | 12/07/2019 07:19:AM |
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Project Citation:
Basu, Susanto, Fernald, John G., and Kimball, Miles S. Replication data for: Are Technology Improvements Contractionary? Nashville, TN: American Economic Association [publisher], 2006. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-07. https://doi.org/10.3886/E116241V1
Project Description
Summary:
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Yes. We construct a measure of aggregate technology change, controlling for
aggregation effects, varying utilization of capital and labor, nonconstant returns,
and imperfect competition. On impact, when technology improves, input use and
nonresidential investment fall sharply. Output changes little. With a lag of several
years, inputs and investment return to normal and output rises strongly. The
standard one-sector real-business-cycle model is not consistent with this evidence.
The evidence is consistent, however, with simple sticky-price models, which predict
the results we find: when technology improves, inputs and investment generally fall
in the short run, and output itself may also fall. (JEL E22, E32, O33)
Scope of Project
JEL Classification:
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E22 Investment; Capital; Intangible Capital; Capacity
E32 Business Fluctuations; Cycles
O33 Technological Change: Choices and Consequences; Diffusion Processes
E22 Investment; Capital; Intangible Capital; Capacity
E32 Business Fluctuations; Cycles
O33 Technological Change: Choices and Consequences; Diffusion Processes
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