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Learning by Doing and Aggregate Fluctuations / Russell Cooper, Alok Johri.
- Format:
- Book
- Author/Creator:
- Cooper, Russell.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w6898.
- NBER working paper series no. w6898
- Language:
- English
- Subjects (All):
- Business cycles--Econometric models.
- Business cycles.
- Labor productivity.
- Econometric models.
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1999.
- Cambridge, Mass. : National Bureau of Economic Research, 1999.
- Summary:
- A major unresolved issue in business cycle theory is the construction of an endogenous propagation mechanism capable of capturing the amount of persistence displayed in the data. In this paper we explore the quantitative implications of one propagation mechanism: learning by doing. Estimation of the parameters characterizing learning by doing is based both on aggregate 2-digit data and plant level observations in the US. The estimated learning by doing function is then integrated into a stochastic growth model in which fluctuations are driven by technology shocks. We conclude that learning by doing can be a powerful mechanism for generating endogenous persistence.
- Notes:
- Print version record
- January 1999.
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