Quantifying embodied technological change [microform] / Plutarchos Sakellaris and Daniel J. Wilson.
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| Format: | Microfilm Book |
| Language: | English |
| Published: |
[San Francisco, Calif.] :
Federal Reserve Bank of San Francisco,
[2001]
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| Series: | FRBSF working paper ;
#2001-16. ASI microfiche library. Non-depository collection ; ASI 2001 9393-10.149. |
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| Abstract: | "We estimate the rate of embodied technological change directly from plant-level manufacturing data on current output and input choices along with histories on their vintages of equipment investment. Our estimates range between 8 and 17 percent for the typical U.S. manufacturing plant during the years 1972-1996. Any number in this range is substantially larger than is conventionally accepted with some important implications. First, the role of investment-specific technological change as an engine of growth is even larger than previously estimated. Second, existing producer durable price indices do not adequately account for quality change. As a result, measured capital stock growth is biased. Third, if accurate, the Hulten and Wykoff (1981) economic depreciation rates may primarily reflect obsolescence."--FRB of San Francisco web site. |
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| Item Description: | ["October 2001"--Cover.] |
| Physical Description: | 34 pages, 8 unnumbered pages : illustrations ; 28 cm. Also available via the Internet at the FRB of San Francisco web site: http://www.frbsf.org/ |
| Bibliography: | Includes bibliographical references (pages 33-34) |
| Reproduction Note: | Microfiche. |
| Additional Physical Form available Note: | Also available via the Internet at the FRB of San Francisco web site: http://www.frbsf.org/ |
| Citation/References Note: | Lexis/Nexis statistical; American statistical index. Abstracts. |