skip to content
What do technology shocks do? Preview this item
ClosePreview this item
Checking...

What do technology shocks do?

Author: John Shea; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©1998.
Series: Working paper series (National Bureau of Economic Research), working paper no. 6632.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: The real business cycle literature has largely ignored the empirical question of what role technology shocks actually play in business cycles. The observed procyclicality of total factor productivity (TFP) does not prove that technology shocks are important to business cycles, since demand shocks could generate procyclical TFP due to increasing returns or other reasons. I address the role of technology by  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: John Shea; National Bureau of Economic Research.
OCLC Number: 70107806
Notes: "July 1998."
Description: 1 online resource (26, [31] pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 6632.
Other Titles: Technology shocks
Responsibility: John Shea.

Abstract:

Abstract: The real business cycle literature has largely ignored the empirical question of what role technology shocks actually play in business cycles. The observed procyclicality of total factor productivity (TFP) does not prove that technology shocks are important to business cycles, since demand shocks could generate procyclical TFP due to increasing returns or other reasons. I address the role of technology by investigating the dynamic interactions of inputs, TFP and two observable indicators of technology shocks: R+D spending and patent applications. Using annual panel data on 19 US manufacturing industries from 1959 -1991, I find that favorable R+D or patent shocks tend to increase inputs, especially labor, in the short run, but to decrease inputs in the long run, while tilting the mix of inputs towards capital and nonproduction labor. Favorable technology shocks do not significantly increase measured TFP at any horizon, except for a subset of industries dominated by process innovations, suggesting that available price data do not capture productivity improvements due to product innovations. Technology shocks explain only a small fraction of input and TFP volatility at business cycle horizons.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.
Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/70107806> # What do technology shocks do?
    a schema:MediaObject, schema:Book, schema:CreativeWork ;
    library:oclcnum "70107806" ;
    library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
    library:placeOfPublication <http://experiment.worldcat.org/entity/work/data/50619849#Place/cambridge_ma> ; # Cambridge, MA
    schema:about <http://id.worldcat.org/fast/842461> ; # Business cycles--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/50619849#Topic/technological_innovations_economic_aspects_united_states_econometric_models> ; # Technological innovations--Economic aspects--United States--Econometric models
    schema:about <http://id.worldcat.org/fast/1204155> ; # United States.
    schema:about <http://id.worldcat.org/fast/1145011> ; # Technological innovations--Economic aspects--Econometric models
    schema:about <http://id.loc.gov/authorities/subjects/sh2009117954> ; # Business cycles--United States--Econometric models
    schema:alternateName "Technology shocks" ;
    schema:bookFormat schema:EBook ;
    schema:contributor <http://viaf.org/viaf/135446122> ; # National Bureau of Economic Research.
    schema:copyrightYear "1998" ;
    schema:creator <http://viaf.org/viaf/73477436> ; # John Shea
    schema:datePublished "1998" ;
    schema:description "Abstract: The real business cycle literature has largely ignored the empirical question of what role technology shocks actually play in business cycles. The observed procyclicality of total factor productivity (TFP) does not prove that technology shocks are important to business cycles, since demand shocks could generate procyclical TFP due to increasing returns or other reasons. I address the role of technology by investigating the dynamic interactions of inputs, TFP and two observable indicators of technology shocks: R+D spending and patent applications. Using annual panel data on 19 US manufacturing industries from 1959 -1991, I find that favorable R+D or patent shocks tend to increase inputs, especially labor, in the short run, but to decrease inputs in the long run, while tilting the mix of inputs towards capital and nonproduction labor. Favorable technology shocks do not significantly increase measured TFP at any horizon, except for a subset of industries dominated by process innovations, suggesting that available price data do not capture productivity improvements due to product innovations. Technology shocks explain only a small fraction of input and TFP volatility at business cycle horizons."@en ;
    schema:exampleOfWork <http://worldcat.org/entity/work/id/50619849> ;
    schema:inLanguage "en" ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/50619849#Series/nber_working_paper_series> ; # NBER working paper series ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/50619849#Series/working_paper_series_national_bureau_of_economic_research> ; # Working paper series (National Bureau of Economic Research) ;
    schema:name "What do technology shocks do?"@en ;
    schema:productID "70107806" ;
    schema:publication <http://www.worldcat.org/title/-/oclc/70107806#PublicationEvent/cambridge_ma_national_bureau_of_economic_research_1998> ;
    schema:publisher <http://experiment.worldcat.org/entity/work/data/50619849#Agent/national_bureau_of_economic_research> ; # National Bureau of Economic Research
    schema:url <http://papers.nber.org/> ;
    schema:url <http://papers.nber.org/papers/w6632> ;
    wdrs:describedby <http://www.worldcat.org/title/-/oclc/70107806> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/50619849#Agent/national_bureau_of_economic_research> # National Bureau of Economic Research
    a bgn:Agent ;
    schema:name "National Bureau of Economic Research" ;
    .

<http://experiment.worldcat.org/entity/work/data/50619849#Place/cambridge_ma> # Cambridge, MA
    a schema:Place ;
    schema:name "Cambridge, MA" ;
    .

<http://experiment.worldcat.org/entity/work/data/50619849#Series/nber_working_paper_series> # NBER working paper series ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/70107806> ; # What do technology shocks do?
    schema:name "NBER working paper series ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/50619849#Series/working_paper_series_national_bureau_of_economic_research> # Working paper series (National Bureau of Economic Research) ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/70107806> ; # What do technology shocks do?
    schema:name "Working paper series (National Bureau of Economic Research) ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/50619849#Topic/technological_innovations_economic_aspects_united_states_econometric_models> # Technological innovations--Economic aspects--United States--Econometric models
    a schema:Intangible ;
    schema:hasPart <http://id.loc.gov/authorities/subjects/sh2008112661> ;
    schema:name "Technological innovations--Economic aspects--United States--Econometric models"@en ;
    .

<http://id.loc.gov/authorities/subjects/sh2009117954> # Business cycles--United States--Econometric models
    a schema:Intangible ;
    schema:name "Business cycles--United States--Econometric models"@en ;
    .

<http://id.worldcat.org/fast/1145011> # Technological innovations--Economic aspects--Econometric models
    a schema:Intangible ;
    schema:name "Technological innovations--Economic aspects--Econometric models"@en ;
    .

<http://id.worldcat.org/fast/1204155> # United States.
    a schema:Place ;
    schema:name "United States." ;
    .

<http://id.worldcat.org/fast/842461> # Business cycles--Econometric models
    a schema:Intangible ;
    schema:name "Business cycles--Econometric models"@en ;
    .

<http://viaf.org/viaf/135446122> # National Bureau of Economic Research.
    a schema:Organization ;
    schema:name "National Bureau of Economic Research." ;
    .

<http://viaf.org/viaf/73477436> # John Shea
    a schema:Person ;
    schema:birthDate "1964" ;
    schema:familyName "Shea" ;
    schema:givenName "John" ;
    schema:name "John Shea" ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.