Asymmetric Cycles
نویسنده
چکیده
I estimate a model in which new technology entails random adjustment costs. Rapid adjustments may cause productivity slowdowns. These slowdowns last longer when retooling is costly. The model explains why 1. growth-rate disasters are more likely than miracles, 2. volatility of growth relates negatively to growth over time.
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تاریخ انتشار 2003