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Type: Journal article
Title: Technological change and the roaring twenties: A neoclassical perspective
Author: Sharon, H.
Weder, M.
Citation: Journal of Macroeconomics, 2009; 31(3):363-375
Publisher: Louisiana State Univ Pr
Issue Date: 2009
ISSN: 0164-0704
Statement of
Sharon Harrison and Mark Weder
Abstract: In this paper, we address 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 1922-1929.
Keywords: Real business cycles
Roaring twenties
Description: Copyright © 2009 Elsevier Inc. All rights reserved.
DOI: 10.1016/j.jmacro.2009.05.003
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Appears in Collections:Aurora harvest 5
Economics publications

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