Endogenous Technology Adoption and R&D as Sources of Business Cycle Persistence
| العنوان: | Endogenous Technology Adoption and R&D as Sources of Business Cycle Persistence |
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| المؤلفون: | Mark Gertler, Diego Anzoategui, Diego Comin, Joseba Martinez |
| المصدر: | American Economic Journal: Macroeconomics. 11:67-110 |
| بيانات النشر: | American Economic Association, 2019. |
| سنة النشر: | 2019 |
| مصطلحات موضوعية: | business.industry, Slowdown, media_common.quotation_subject, Financial market, Endogeny, Monetary economics, International trade, Recession, Great recession, Unemployment, Economics, Business cycle, business, General Economics, Econometrics and Finance, Total factor productivity, media_common |
| الوصف: | We examine the hypothesis that the slowdown in productivity following the Great Recession was in significant part an endogenous response to the contraction in demand that induced the downturn. We motivate, develop, and estimate a model with an endogenous TFP mechanism that allows for costly development and adoption of technologies. Our main finding is that a significant fraction of the post-Great Recession fall in productivity was an endogenous phenomenon, suggesting that demand factors played an important role in the postcrisis slowdown of capacity growth. More generally, we provide insight into why recoveries from financial crises may be so slow. (JEL E23, E24, E32, E44, G01) |
| تدمد: | 1945-7715 1945-7707 |
| DOI: | 10.1257/mac.20170269 |
| URL الوصول: | https://explore.openaire.eu/search/publication?articleId=doi_________::3dafbf45eb5c6616e46a586f21577b52 https://doi.org/10.1257/mac.20170269 |
| Rights: | OPEN |
| رقم الانضمام: | edsair.doi...........3dafbf45eb5c6616e46a586f21577b52 |
| قاعدة البيانات: | OpenAIRE |
| تدمد: | 19457715 19457707 |
|---|---|
| DOI: | 10.1257/mac.20170269 |