Investment-specific technological change and growth accounting
By: by Nicholas Oulton.
Contributors: Bank of England.
Series: Working paper,; no. 213; Working paper (Bank of England : Online) ;; no.213.
Publisher: Bank of England
Published: 2004
Place of publication: London
Language: eng
Format: Electronic resource
Subjects: Technological innovations -- Economic aspects -- United States.; Economic development -- Accounting.
Description: "Greenwood, Hercowitz and Krusell have claimed that the Jorgenson form of growth accounting is conceptually flawed and severely understates the role of technological progress embodied in new capital goods ('embodiment') in explaining US growth. To the contrary, in this paper it is shown that in its technology aspects their model is a special case of the Jorgensonian growth-accounting model. What they call investment-specific technological change is shown to be closely related to the more familiar concept of TFP growth: statements about the one can be translated into statements about the other. Empirically, they claim that the proportion of US growth accounted for by embodiment is about twice as large as estimated by conventional growth accounting. But the difference between these estimates is found to be due more to data than to methodology"--Bank of England web site.
Notes: Includes bibliographical references.
Title from PDF file as viewed on 4/13/2005.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.