Endogenous Technology Adoption and R&D as Sources of Business Cycle Persistence

• 成果类型: Article
• 署名作者: Anzoategui, Diego; Comin, Diego; Gertler, Mark; Martinez, Joseba
• 署名单位: Rutgers University System; Rutgers University New Brunswick; Dartmouth College; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); New York University; University of London; London Business School
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20170269
• 发表日期: 2019
• 页码: 67-110
• 关键词: exploration; constraints

摘要

We examine the hypothesis that the slowdown in productivity following the Great Recession was in significant part an endogenous response to the contraction in demand that induced the downturn. We motivate, develop, and estimate a model with an endogenous TFP mechanism that allows for costly development and adoption of technologies. Our main finding is that a significant fraction of the post-Great Recession fall in productivity was an endogenous phenomenon, suggesting that demand factors played an important role in the postcrisis slowdown of capacity growth. More generally, we provide insight into why recoveries from financial crises may be so slow.