Technology Shocks Matter

Preprint OPEN
Jonas D. M. Fisher;
  • Subject: Technology ; Business cycles | technology shocks, business cycle
    • jel: jel:E32 | jel:E00
    mesheuropmc: health care economics and organizations

This paper uses the neoclassical growth model to identify the effects of technological change on the US business cycle. In the model there are two sources of technological change: neutral, which effects the production of all goods homogeneously, and investment-specific.... View more
  • References (38)
    38 references, page 1 of 4

    [1] Alvarez, F. and U. Jermann, “Using Asset Prices to Measure the Persistence of the Marginal Utility of Wealth,” Wharton School manuscript, 2002.

    [2] Basu, S. and J. Fernald, “Are Productivity Shocks Contractionary?” Working paper, 1998.

    [3] Basu, S. and J. Fernald, “Aggregate Productivity and Aggregate Technology,” European Economic Review, June 2002, v. 46, iss. 6, pp. 963-91

    [4] Basu, S. and J. Fernald, “Why Is Productivity Procyclical? Why Do We Care?” in New developments in productivity analysis, 2001, pp. 225-96, NBER Studies in Income and Wealth, vol. 63. Chicago and London: University of Chicago Press.

    [5] Baxter, M., and R. King, “Measuring Business Cycles: Approximate Band-Pass Filters for Economic Time Series,” Review of Economics and Statistics, 81 (November 1999), 575-93.

    [6] Blanchard, O. and D. Quah, “The Dynamic Effects of Aggregate Demand and Supply Disturbances,” American Economic Review 79 (September 1989), 655-673.

    [7] Boldrin, M., L. Christiano and J. Fisher, “Habit Persistence, Asset Returns and the Business Cycle,” American Economic Review 91 (March 2001), 149-166.

    [8] Campbell, J, “Entry, Exit, Embodied Technology, and Business Cycles,” Review of Economic Dynamics, 1, April 1998, 371-408.

    [9] Christiano, L. and J. Fisher, “Stock Market and Investment Good Prices: Implications for Macroeconomics,” Chicago Fed Working Paper 98-6, 1998.

    [10] Christiano, L., M. Eichenbaum and R. Vigfussen. “What Happens After a Technology Shock?”, Northwestern University manuscript, October, 2002.

  • Metrics
Share - Bookmark