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Technological innovations: slumps and booms

Felli, Leonardo and Ortalo-Magné, François (1997) Technological innovations: slumps and booms. CARESS: 97-17. University of Pennsylvania, Pennsylvania, USA. (Unpublished)

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Abstract

This paper documents the delayed adoption of a major technological innovation: the adoption of the diesel locomotive in the US railway industry. Contrary to other instances of major technological innovations, the delay in the adoption of the diesel locomotive was not associated with an initial slump in output. We provide a theoretical model which is consistent with both an increase and a decrease in output following the invention of a new technology. Within this model we identify the key factors that make a slump in output unlikely.

Item Type: Monograph (Working Paper)
Official URL: http://www.econ.upenn.edu/Centers/CARESS/index.htm...
Additional Information: © 1997 The authors
Library of Congress subject classification: H Social Sciences > HE Transportation and Communications
Journal of Economic Literature Classification System: D - Microeconomics > D2 - Production and Organizations > D24 - Production; Cost; Capital and Total Factor Productivity; Capacity
D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D83 - Search; Learning; Information and Knowledge; Communication; Belief
E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Employment, and Investment > E22 - Capital; Investment (including Inventories); Capacity
D - Microeconomics > D9 - Intertemporal Choice and Growth > D92 - Intertemporal Firm Choice and Growth, Investment, or Financing
Sets: Research centres and groups > Financial Markets Group (FMG)
Collections > Economists Online
Departments > Economics
Research centres and groups > Suntory and Toyota International Centres for Economics and Related Disciplines (STICERD)
Collections > LSE Financial Markets Group (FMG) Working Papers
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Identification Number: CARESS: 97-17
Date Deposited: 07 May 2008 12:25
URL: http://eprints.lse.ac.uk/4696/

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