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

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Do Technology Shocks Lead to Productivity Slowdowns? Evidence from Patent Data, Lone Engbo Christiansen
Language
eng
Abstract
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
Bibliography note
Includes bibliographical references
resource.governmentPublication
international or intergovernmental publication
Literary Form
non fiction
Main title
Do Technology Shocks Lead to Productivity Slowdowns? Evidence from Patent Data
Nature of contents
dictionaries
Responsibility statement
Lone Engbo Christiansen
Series statement
IMF Working Papers
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 Model7. Cointegration in Post-WWII Data8. Variance Decomposition; Figures; 1. The Flow of Technologies; 2. Patents and Productivity; 3. Total Patent Applications and Patents Granted; 4. Diffusion of Aggregate Electric Power in Manufacturing; 5. Spread of Products into American Households; 6. Responses of Patents and Productivity to a Patent Shock, 1889-2002.; 7. Responses to a Patent Shock; 8. Stock Prices, 1889-2002; 9. The Stock of Patents; 10. Shock to the Stock of Patents, 1889-2002; 11. Responses to a Patent Shock in a Restricted Model, 1889-200212. Response of Productivity to an R&D and a Patent Shock, 1935-199713. Two Sample Periods; 14. Responses from a Post-WWII VECM, 1948-2002; 15. Responses from a Post-WWII VAR, 1948-2002; Appendix; References
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