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Technology Creation, Diffusion, and Growth Cycles

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  • John D. Stiver

    (University of Connecticut)

Abstract

Standard macroeconomic models that assume an exogenous stochastic process for multifactor productivity offer the interpretation that recessions are the result of ''bad news'' (technological regress) and expansions are the result of ''good news'' (technological advancement). The view taken here is that both expansions and recessions are the result of ''good news'' in the sense that in both cases, aggregate production possibilities have increased. Recessions can be thought of as the transition from one technological frontier to the next.

Suggested Citation

  • John D. Stiver, 2003. "Technology Creation, Diffusion, and Growth Cycles," Working papers 2003-35, University of Connecticut, Department of Economics.
    • Handle: RePEc:uct:uconnp:2003-35
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    References listed on IDEAS

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    1. Greenwood, Jeremy & Hercowitz, Zvi & Krusell, Per, 1997. "Long-Run Implications of Investment-Specific Technological Change," American Economic Review, American Economic Association, vol. 87(3), pages 342-362, June.
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    Cited by:

    1. Orlando Gomes, 2005. "Knowledge creation and technology difusion: a framework to understand economic growth," Revista de Analisis Economico – Economic Analysis Review, Universidad Alberto Hurtado/School of Economics and Business, vol. 20(2), pages 41-61, December.

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