The Role of Investment-Specific Technological Change in the Business Cycle

By Jeremy Greenwood, Z. Hercowitz, Per Krusell. 2000

647 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/bac4f3ae3e3e9049d75f949eec0e8ceb51f6a6a1

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

Citations in the corpus

A Theory of Firm Characteristics and Stock Returns: The Role of Investment-Specific Shocks (2012, neutral): “…a number of studies have shown that IST shocks can account for a large fraction of output and employment variability, especially in the long run (e.g., Greenwood, Hercowitz, and Krusell, 1997, 2000; Christiano and Fisher, 2003; Fisher, 2006; Justiniano, Primiceri, and Tambalotti, 2010).”
The Dynamic Effects of Neutral and Investment‐Specific Technology Shocks (2006, background): “…(ii) the conduct of monetary policy, (iii) macroeconomic volatility, and (iv) the regulatory environment.13 Since 13 Regarding reason i, Hornstein and Krusell (1996), Greenwood and Yorukoglu (1997), and Cummins and Violante (2002) discuss changes in the investment price’s average rate of decline.”
Capital Reallocation and Liquidity (2006, neutral): “15Interestingly, Greenwood, Hercowitz, and Krusell (1997, 2000) report that the correlation between the cyclical component of the relative price of new equipment and both new investment and aggregate output is actually negative.”
Local identification in DSGE models (2010, background): “…investment, and the investment adjustment cost function S satisfies S > 0, S > 0, and in steady state S = 0, S = 0. ε i t represents the current state of technology for producing capital, and is interpreted as investment-specific technological progress (Greenwood, Hercowitz, and Krusell (2000)).”
Unemployment and Vacancy Fluctuations in the Matching Model: Inspecting the Mechanism (2005, background): “22 See Hosios (1990).”
Theory, Measurement, and Calibration of Macroeconomic Models (2007, neutral): “The formulation in (4) is the same as adopted by Greenwood et al. (1997) and Greenwood et al. (2000); provided that care is taken to properly measure the tax rate on capital (see Section 4.6), these different ways of accounting for the capital consumption allowance can be expected to give very…”
Medium-Term Business Cycles (2006, neutral): “The initial decline in measured TFP and labor productivity results mainly from variable factor utilization (in conjunction with overhead costs).(22) Over time, the initial decline in R&D slows the rate of growth of new intermediate products in both the goods and capital sectors, leading to a permane”
The Cyclicality of Productivity Dispersion (2011, neutral): “…in the data, I can write yi = ai + β kki + β lli + β eei + β mmi (1) ⇔ pi − p+ yi = TFPQi︷︸︸︷ ai + (pi − p)︸︷︷︸ TFPRi + βkki + β lli + β eei + β mmi (1’) 23See for example Hall (1990); Basu and Fernald (1995, 1997); Benhabib and Farmer (1996); Burnside (1996); Harrison (2003) in the macro…”