IDEAS, TECHNOLOGICAL CHANGE AND IMPERFECT CAPITAL MARKET
This paper extends the theory of general equilibrium growth accounting to incorporate monopolistic competition and costly reversibility. In this extended framework, technology change has dynamic effects on aggregate investment and capital quality. Low elasticity of substitution between capital varieties and high growth rate of neutral technology leads to an equilibrium that is observationally equivalent to non-negative investment. This theoretical model yields a new accounting identity to disentangle the effect of expanding variety, neutral and investment-specific technology. Using U.S. data, I estimate that investment-specific technology explains at most 44 percent of Solow residual.
Variety Embodied technological change Capital market Productivity analysis
Sophia Chen
Department of Economics, University of Michigan, 611 Tappan Avenue, Room 238, Ann Arbor, MI 48109-1220, USA
国际会议
Academy of Innovation and Entrepreneurship 2010(2010创新与创业国际学术会议)
北京
英文
278-281
2010-07-09（万方平台首次上网日期，不代表论文的发表时间）