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Do Technology Shocks Lead to Productivity Slowdowns? Evidence from Patent Data, Lone Engbo Christiansen

This paper provides empirical evidence on the response of labor productivity to the arrival of new inventions. The benchmark measure of technological progress is given by data on patent applications in the U.S. over the period 1889-2002. The analysis shows that labor productivity may temporarily fall below trend after technological progress. However, the effects on productivity differ between the pre- and post-World War II periods. The pre-war period shows evidence of a productivity slowdown as a result of the arrival of new technology, whereas the post-World War II period does not. Positive effects of technology shocks tend to show up sooner in the productivity data in the later period
Table Of Contents
Contents; I. Introduction; II. Existing Literature; III. Data; IV. Methodology; V. Empirical Evidence; A. Benchmark Specification; B. Robustness of the Results; VI. Pre- and Post-WWII; A. VAR Estimation on Two Sample Periods; B. Post-WWII VECM; C. Variance Decomposition; VII. Theoretical Implications of the Results; VIII. Conclusion; Tables; 1. Augmented Dickey Fuller Unit Root Tests; 2. Granger Causality Tests; 3. Great Inventions; 4. Exclusion Tests in a Restricted Model; 5. Coefficient Estimates of the Restricted Model; 6. Parameter Estimates for the Restricted Model
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (56 p.)
Specific Material Designation
Form Of Item

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