Investment-Speci Þ c Technical Change in the US ( 1947 2000 ) : Measurement and Macroeconomic Consequences ∗

@inproceedings{Cummins2002InvestmentSpeciC,
  title={Investment-Speci Þ c Technical Change in the US ( 1947 2000 ) : Measurement and Macroeconomic Consequences ∗},
  author={Jason G. Cummins},
  year={2002}
}
By extrapolating Gordon’s (1990) measures of the quality-bias in the o¢cial price indexes, we construct quality-adjusted price indexes for 24 types of equipment and software (E&S) from 1947 to 2000 and use them to measure technical change at the aggregate and at the industry level. Technological improvement in E&S accounts for an important fraction of postwar GDP growth and plays a key role in the productivity resurgence of the 1990s. Driving this ...nding is 4 percent annual growth in the… CONTINUE READING
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