Asymmetric cycles
By: Boyan Jovanovic.
Contributors: National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 10573; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 10573.
Publisher: National Bureau of Economic Research
Published: 2004
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Subjects: Technological innovations -- Mathematical models.; Industrial productivity -- Mathematical models.
Description: "I estimate a model in which new technology entails random adjustment costs.  Rapid adjustments may cause productivity slowdowns.  These slowdowns last longer when retooling is costly.  The model explains why growth-rate disasters are more likely than miracles, and why volatility of growth relates negatively to growth over time.  I estimate the model, and the estimates have surprising implications.  Firms seem to abandon technologies long before they are perfected current-practice TFP is 17 percent below best-practice"--National Bureau of Economic Research web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 1/27/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.