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

Name File Type Size Last Modified
All-in-Fig3.xls application/vnd.ms-excel 140 KB 12/07/2019 07:19:AM
Figure3_final.doc application/msword 1.7 MB 12/07/2019 07:19:AM
IR_fig3_durandresinvest.PRG text/plain 16 KB 12/07/2019 07:19:AM
IR_fig3_durandresinvest.wk1 image/x-cur 1 KB 12/07/2019 07:19:AM
IR_fig3_employment.PRG text/plain 15.9 KB 12/07/2019 07:19:AM
IR_fig3_employment.wk1 image/x-cur 1 KB 12/07/2019 07:19:AM
IR_fig3_input.PRG text/plain 15.9 KB 12/07/2019 07:19:AM
IR_fig3_input.wk1 image/x-cur 1 KB 12/07/2019 07:19:AM
IR_fig3_invntor_to_gdp.prg text/plain 15.9 KB 12/07/2019 07:19:AM
IR_fig3_invntor_to_gdp.wk1 image/x-cur 1 KB 12/07/2019 07:19:AM

Project Description

Summary:  View help for Summary 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:  View help for JEL Classification
      E22 Investment; Capital; Intangible Capital; Capacity
      E32 Business Fluctuations; Cycles
      O33 Technological Change: Choices and Consequences; Diffusion Processes


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Published Versions

V1 [2019-12-07]

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