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Long-Run Implications of Investment-Specific Technological Change
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In this paper, a balanced growth path for the model is characterized and calibrated to U.S. National Income and Product Account (NIPA) data, and quantitative analysis suggests that investment-specific technological change accounts for the major part of growth.Abstract:
an attempt is made to disentangle its effects from the more traditional Hicksneutral form of technological progress. The balanced growth path for the model is characterized and calibrated to U.S. National Income and Product Account (NIPA) data. The quantitative analysis suggests that investment-specific technological change accounts for the major part of growth. (JEL E13, 030, 041, 047)read more
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The Global Decline of the Labor Share
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The Time-Varying Volatility of Macroeconomic Fluctuations
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References
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Increasing Returns and Long-Run Growth
TL;DR: In this paper, the authors present a fully specified model of long-run growth in which knowledge is assumed to be an input in production that has increasing marginal productivity, which is essentially a competitive equilibrium model with endogenous technological change.
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Time to build and aggregate fluctuations
TL;DR: In this article, a general equilibrium model is developed and fitted to U.S. quarterly data for the post-war period, with the assumption that more than one time period is required for the construction of new productive capital and the non-time-separable utility function that admits greater intertemporal substitution of leisure.
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Long-Run Policy Analysis and Long-Run Growth
TL;DR: In this paper, the authors describe a class of models in which this heterogeneity in growth experiences can be the result of cross-country differences in government policy, which can also create incentives for labor migration from slow-growing to fast-growing countries.
Book
The measurement of durable goods prices
TL;DR: Gordon as discussed by the authors showed that the business community has been unfairly maligned official measures of inflation and the standard of living have failed to account for progress in the quality of business equipment and consumer goods.