Advanced search
Publication Cover
Applied Economics Letters Volume 30, 2023 - Issue 16
Submit an article Journal homepage
58
Views
0
CrossRef citations to date
0
Altmetric
Research Article

Trend breaks and the long-run implications of investment-specific technological progress

Alban MouraDépartement Économie et Recherche, Banque centrale du Luxembourg, Luxembourg, LuxembourgCorrespondence[email protected]
ORCID Iconhttps://orcid.org/0000-0003-2815-3853
ORCID Icon
Pages 2270-2275 | Published online: 05 Jul 2022

References

  • Bai, J., and P. Perron. 1998. “Estimating and Testing Linear Models with Multiple Structural Changes.” Econometrica 66 (1): 47–78. doi:10.2307/2998540.
  • Bai, J., and P. Perron. 2003. “Computation and Analysis of Multiple Structural Change Models.” Journal of Applied Econometrics 18 (1): 1–22. doi:10.1002/jae.659.
  • Basu, S., J. G. Fernald, J. D. Fisher, and M. S. Kimball. 2011. “Sector-Specific Technical Change,” Unpublished manuscript, Federal Reserve Bank of San Francisco.
  • Benati, L. 2014. “Do TFP and the Relative Price of Investment Share a Common I(1) Component?” Journal of Economic Dynamics and Control 45 (C): 239–261. doi:10.1016/j.jedc.2014.05.019.
  • Fernald, J. G. 2007. “Trend Breaks, Long-Run Restrictions, and Contractionary Technology Improvements.” Journal of Monetary Economics 54 (8): 2467–2485. doi:10.1016/j.jmoneco.2007.06.031.
  • Fernald, J. G. 2014. “A Quarterly, Utilization-Adjusted Series on Total Factor Productivity,” Working Paper Series 2012-19, Federal Reserve Bank of San Francisco.
  • Fisher, J. D. M. 2006. “The Dynamic Effects of Neutral and Investment-Specific Technology Shocks.” Journal of Political Economy 114 (3): 413–451. doi:10.1086/505048.
  • Gordon, R. J. 2012. “Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds.” Working Paper Series 18315. National Bureau of Economic Research, Inc.
  • Gourio, F., and M. Rognlie. 2021. “Capital Heterogeneity and Investment Prices: How Much are Investment Prices Declining?” Work in progress.
  • Greenwood, J., and M. Yorukoglu. 1997. “1974.” Carnegie-Rochester Conference Series on Public Policy 46 (1): 49–95. doi:10.1016/S0167-2231(97)00004-3.
  • Greenwood, J., Z. Hercowitz, and P. Krusell. 1997. “Long-Run Implications of Investment-Specific Technological Change.” American Economic Review 87 (3): 342–362.
  • Justiniano, A., G. Primiceri, and A. Tambalotti. 2010. “Investment Shocks and Business Cycles.” Journal of Monetary Economics 57 (2): 132–145. doi:10.1016/j.jmoneco.2009.12.008.
  • Kim, D., and P. Perron. 2009. “Unit Root Tests Allowing for a Break in the Trend Function at an Unknown Time under Both the Null and Alternative Hypotheses.” Journal of Econometrics 148 (1): 1–13. doi:10.1016/j.jeconom.2008.08.019.
  • Moura, A. 2018. “Investment Shocks, Sticky Prices, and the Endogenous Relative Price of Investment.” Review of Economic Dynamics 27: 48–63. doi:10.1016/j.red.2017.11.004.
  • Moura, A. 2021. “Are Neutral and Investment-Specific Technology Shocks Correlated?” European Economic Review 139 (C): 103866. doi:10.1016/j.euroecorev.2021.103866.
  • Prados de la Escosura, L., and C. V. Rodriguez-Caballero 2020. “Growth, War, and Pandemics: Europe in the Very Long-Run.” CEPR Discussion Papers 14816. C.E.P.R.
  • Qu, Z., and P. Perron. 2007. “Estimating and Testing Structural Changes in Multivariate Regressions.” Econometrica 75 (2): 459–502. doi:10.1111/j.1468-0262.2006.00754.x.
  • Whelan, K. 2003. “A Two-Sector Approach to Modeling U.S. NIPA Data.” Journal of Money, Credit and Banking 35 (4): 627–656. doi:10.1353/mcb.2003.0032.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Order Reprints Request Corporate Permissions

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

Request Academic Permissions

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.

Supercharge Your Next Research Paper: Research and write your next paper with Jenni AI.

Related research

People also read lists articles that other readers of this article have read.

Recommended articles lists articles that we recommend and is powered by our AI driven recommendation engine.

Cited by lists all citing articles based on Crossref citations.
Articles with the Crossref icon will open in a new tab.