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

Format:

Book

Government document

Author/Creator:

Christiansen, Lone Engbo.

Series:

IMF Working Papers; Working Paper ; No. 2008/024

IMF Working Papers

Language:

English

Subjects (All):

Technological innovations--Economic aspects--United States--Econometric models.

Technological innovations.

Labor productivity--United States--Econometric models.

Labor productivity.

United States--Economic conditions--Econometric models.

United States.

United States--Economic policy--Econometric models.

Physical Description:

1 online resource (56 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2008.

Language Note:

English

Summary:

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.

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 Model

7. 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, 1889-2002

12. 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

Notes:

Description based upon print version of record.

Includes bibliographical references.

Description based on online resource; title from PDF cover (ebrary, viewed July 2, 2015).

ISBN:

9786613820884

9781462311415

1462311415

9781452729923

1452729921

9781282446830

1282446835

9781451913392

1451913397