Growth accounting with investment-specific technological progress: A discussion of two approaches

• 成果类型: Editorial Material
• 署名作者: Greenwood, Jeremy; Krusell, Per
• 署名单位: Princeton University; University of Pennsylvania; Stockholm University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2006.02.008
• 发表日期: 2007
• 页码: 1300-1310
• 关键词: investment-specific technological progress; capital embodiment; Growth accounting

摘要

Two approaches taken to the embodiment question are compared and discussed: quantitative theory and traditional growth accounting. The two approaches give very different estimates for the contribution of investment-specific technological advance to economic growth. Therefore, the approach taken matters. It is argued that the measures used in traditional growth accounting to gauge the importance of investment-specific technological progress have little economic content, unlike the measure obtained from quantitative theory. (C) 2006 Elsevier BN. All rights reserved.