Endogenous Technology Adoption and R&D as Sources of Business Cycle Persistence

@inproceedings{Anzoategui2016EndogenousTA,
  title={Endogenous Technology Adoption and R&D as Sources of Business Cycle Persistence},
  author={Diego Anzoategui and Diego A Comin and Mark Gertler and Joseba Mart{\'i}nez},
  year={2016}
}
We examine the hypothesis that the slowdown in productivity following the Great Recession was in significant part an endogenous response to the contraction in demand that induced the downturn. We first present some panel data evidence that technology diffusion is highly cyclical. We then develop and estimate a macroeconomic model with an endogenous TFP mechanism that allows for both costly development and adoption of new technologies. We then show that the model's implied cyclicality of… CONTINUE READING

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