The Accumulation of Wealth and the Cyclical Generation of New Technologies: A Search Theoretic Approach

Bental, Benjamin; Peled, Dan

doi:10.2307/2527447

Cited by 58 publications

(46 citation statements)

References 7 publications

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“…We also looked at the correlation between investment (gross fixed capital formation from OECD, 2001) and R&D expenditure. 4 Here, only 4 out of 35 estimated correlation coefficients were negative, and none was significant. By contrast, 9 positive correlation coefficients were significant.…”

Section: Cross Correlationsmentioning

confidence: 79%

“…Bental and Peled (1996) briefly and Francois and Lloyd-Ellis (forthcoming) extensively discuss empirical evidence on countercyclical R&D expenditure. 5 These authors provide evidence in favour of their -and therefore also -Matsuyama's and Wälde's approach.…”

Section: Resultsmentioning

confidence: 99%

“…3 A visual impression of the cyclicality of R&D expenditure can be gained from the plot on the last page of this paper, obtained by using the HP filter with λ = 100. 4 It could be argued that the most direct prediction of existing models of endogenous fluctuations is the switching allocation of savings to either capital accumulation or R&D and hence their negative correlation. The negative correlation between R&D expenditure and GDP is an immediate consequence.…”

Section: Cross Correlationsmentioning

confidence: 99%

“…However, fluctuations can also be the result of events that are endogenous to an economy. As Bental and Peled (1996), Matsuyama (1999Matsuyama ( , 2001) and Wälde (1999Wälde ( , 2002 have stressed, intentional R&D by profit maximizing firms can not only be the source for positive long-run growth rates but also for short-run fluctuations.…”

Section: Introductionmentioning

confidence: 99%

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R&D expenditure in G7 countries and the implications for endogenous fluctuations and growth

2004

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The literature on endogenous growth cycles predicts countercyclical R&D expenditure. Aggregate R&D expenditure in G7 countries from 1973 to 1997 seems to be procyclical. Implications for future theoretical research are discussed. Terms of use: Documents inJEL-Classification: C2, E32, O41

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Section: Cross Correlationsmentioning

confidence: 79%

Section: Resultsmentioning

confidence: 99%

Section: Cross Correlationsmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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R&D expenditure in G7 countries and the implications for endogenous fluctuations and growth

2004

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“…As a matter of fact, high values of γ have already been invoked by Romer (1986) and Bental and Peled (1996) in order to explain growth phenomena. We have shown that introducing bargaining into a standard macroeconomic model may help justify such estimates.…”

Section: Discussionmentioning

confidence: 89%

Do factor shares reflect technology?

Bental

Demougin

2008

Journal of Macroeconomics

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Technology Diffusion and Aggregate Dynamics

Andolfatto

MacDonald

1998

Review of Economic Dynamics

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This paper develops and analyzes a macroeconomic model in which aggregate growth and fluctuations arise from the discovery and diffusion of new technologies; there are no exogenous aggregate shocks. The temporal behavior of aggregates is driven by individuals' efforts to innovate and/or make use of others' innovations. Parameters describing preferences, production possibilities, and learning technologies are estimated using post-war U.S. data. The model delivers predicted aggregates that grow and fluctuate much like the data. They key features of post-war growth are explained by new technologies that differ in terms of the magnitude of their improvement over existing methods and the difficulty of acquiring them. The model implies a negative trend in technological dispersion, and that the generally lower growth witnessed during the last two decades is the result of new technologies offering comparatively minor or less broadly applicable improvements. Data on the growing and fluctuating share of engineering Ph.D.s support the model's technological interpretation of the growth facts, and data on patent applications and adult schooling are consistent with the notion that newer technologies are more specific and proprietary. (Copyright: Elsevier)

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The Accumulation of Wealth and the Cyclical Generation of New Technologies: A Search Theoretic Approach

Cited by 58 publications

References 7 publications

R&D expenditure in G7 countries and the implications for endogenous fluctuations and growth

R&D expenditure in G7 countries and the implications for endogenous fluctuations and growth

Do factor shares reflect technology?

Technology Diffusion and Aggregate Dynamics

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