Measuring our ignorance, one book at a time: New indicators of technological change, 1909-1949

• 成果类型: Article
• 署名作者: Alexopoulos, Michelle; Cohen, Jon
• 署名单位: University of Toronto
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2009.03.006
• 发表日期: 2009
• 页码: 450-470
• 关键词: technical change; PRODUCTIVITY; Great Depression

摘要

New indicators of technological change in the US based on information drawn from the catalogue of the Library of Congress for the period 1909-1949 are developed and used to pinpoint the relationship, first, between technical change and economic activity, and, second, between fluctuations in innovative activity and the Great Depression. Although links between technological change, output and productivity are found, results suggest that the slowdown in technological progress in the early 1930s did not contribute significantly to the Great Depression. On the other hand, the remarkable acceleration in innovations after 1934 did play a role in the recovery. (C) 2009 Elsevier B.V. All rights reserved.