English, Article, Journal or magazine article edition: Entry, Exit and Investment-Specific Technical Change, Second Version Roberto M. Samaniego

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Bookmark: http://trove.nla.gov.au/version/59187
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Entry, Exit and Investment-Specific Technical Change, Second Version
Author
  • Roberto M. Samaniego
Physical Description
  • preprint
Notes
  • Using European data, this paper finds that (1) industry entry and exit rates are positively related to industry rates of investment-specific technical change (ISTC); (2) the sensitivity of industry entry and exit rates to cross-country differences in entry costs depends on industry rates of ISTC. The paper constructs a general equilibrium model in which the rate of ISTC varies across industries and new investment-specific technologies can be introduced by entrants or by incumbents. In the calibrated model, equilibrium behavior is consistent with stylized facts (1) and (2), provided the cost of technology adoption is increasing in the rate of ISTC.
  • Entry, exit, turnover, investment-specific technical change, entry costs, vintage capital, embodied technical change, lumpy investment
  • RePEc:pen:papers:09-020
Language
  • English
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