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neutral and investment-specific technical progress

Recherches Économiques de Louvain/ Louvain Economic Review (1)

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Neutral, Investment-Specific Technical Progress and the Productivity Slowdown
Fernando del Rio Iglesias
Journal:

Recherches Économiques de Louvain/ Louvain Economic Review / Volume 68 / Issue 1-2 / 2002

Published online by Cambridge University Press:

17 August 2016, pp. 37-54

Print publication:

2002
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In this article I show that a permanent possitive shock on the rate of investment-specific technical progress might cause, at least in the short run, a fall of the growth rate of both output per capita and total factor productivity, as measured by the Solow residual. Several simulations are performed which show that the extent of the Productivity Slowdown drastically depends on the elasticity of the marginal cost of producing a unit of capital good with respect to the rate of investment-specific technical progress.