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Autoren: 
Ireland, Peter N.
Schuh, Scott
Datum: 
2006
Reihe/Nr.: 
Working Papers 06-10
Zusammenfassung: 
A two-sector real business cycle model, estimated with postwar U.S. data, identifies shocks to the levels and growth rates of total factor productivity in distinct consumption- and investmentgoods- producing technologies. This model attributes most of the productivity slowdown of the 1970s to the consumption-goods sector; it suggests that a slowdown in the investment-goods sector occurred later and was much less persistent. Against this broader backdrop, the model interprets the more recent episode of robust investment and investment-specific technological change during the 1990s largely as a catch-up in levels that is unlikely to persist or be repeated anytime soon.
JEL: 
E32
O41
O47
Dokumentart: 
Working Paper
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