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Technological change and the roaring twenties: A neoclassical perspective
This paper addresses the causes of the Roaring Twenties in the United States. In particular, we use a version of the real business cycle model to test the hypothesis that an extraordinary pace of productivity growth was the driving factor. Our motivation comes from the abundance of evidence of signi...
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Published in: | Journal of macroeconomics 2009-09, Vol.31 (3), p.363-375 |
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container_title | Journal of macroeconomics |
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creator | Harrison, Sharon Weder, Mark |
description | This paper addresses the causes of the Roaring Twenties in the United States. In particular, we use a version of the real business cycle model to test the hypothesis that an extraordinary pace of productivity growth was the driving factor. Our motivation comes from the abundance of evidence of significant technological progress during this period, fed by innovations in manufacturing and the widespread introduction of electricity. Our estimated total factor productivity series generate artificial model output that shows high conformity with the data: the model economy successfully replicates the boom years from 1922 to 1929. |
doi_str_mv | 10.1016/j.jmacro.2009.05.003 |
format | article |
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ispartof | Journal of macroeconomics, 2009-09, Vol.31 (3), p.363-375 |
issn | 0164-0704 1873-152X |
language | eng |
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source | International Bibliography of the Social Sciences (IBSS); Elsevier |
subjects | Business cycles Economic models Electricity Innovation Manufacturing Neoclassical economics Productivity Real business cycles Real business cycles Roaring twenties Regression analysis Roaring twenties Studies Technological change Total factor productivity |
title | Technological change and the roaring twenties: A neoclassical perspective |
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