- 1-What Happens When the Technology Growth Trend Changes ? : Transition Dynamics , Capital Deepening and the “ New Economy ”

Abstract

The rapid increase in U.S. economic growth during the late 1990s inspired speculation that an acceleration in the rate of technological progress had given rise to an increase in potential output growth. This paper considers the transition dynamics associated with such a change using a general equilibrium framework that incorporates stochastic growth trends… (More)

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