Technological Change and the Roaring Twenties: A Neoclassical Perspective Sharon Harrison; Mark Weder

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Authors
Sharon Harrison ; Mark Weder
Subjects
Real business cycles; Roaring twenties
Summary
Copyright © 2009 Elsevier Inc. All rights reserved. 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. Sharon Harrison and Mark Weder
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http://trove.nla.gov.au/work/71659
Work ID
71659

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