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How do fiscal and technology shocks affect real exchange rates? : New evidence for the United States
(2008)
Using vector autoregressions on U.S. time series relative to an aggregate of industrialized countries, this paper provides new evidence on the dynamic effects of government spending and technology shocks on the real exchange rate and the terms of trade. To achieve identification, we derive robust restrictions on the sign of several impulse responses from a two-country general equilibrium model. We find that both the real exchange rate and the terms of trade – whose responses are left unrestricted – depreciate in response to expansionary government spending shocks and appreciate in response to positive technology shocks.
Using a normalized CES function with factor-augmenting technical progress, we estimate a supply-side system of the US economy from 1953 to 1998. Avoiding potential estimation biases that have occurred in earlier studies and putting a high emphasis on the consistency of the data set, required by the estimated system, we obtain robust results not only for the aggregate elasticity of substitution but also for the parameters of labor and capital augmenting technical change. We find that the elasticity of substitution is significantly below unity and that the growth rates of technical progress show an asymmetrical pattern where the growth of laboraugmenting technical progress is exponential, while that of capital is hyperbolic or logarithmic.
[Rezension zu:] Benoît Godin: Innovation contested : the idea of innovation over the centuries
(2016)
Rezension zu Benoit Godin: Innovation contested : the idea of innovation over the centuries
Über die Auseinandersetzung mit den Innovation Studies hat sich Godin seit Ende der 2000er Jahre verschiedenen Aspekten der Geschichte des Innovationsbegriffs zugewandt und in renommierten Zeitschriften (darunter in 'Redescription, Minerva' und zuletzt in den 'Contributions to the History of Concepts') bereits zahlreiche Aufsätze zu diesem Gegenstand publiziert. Einige davon sind eingeflossen in das Buch 'Innovation Contested', das im Jahre 2015 im Rahmen der Reihe Routledge Studies in Social and Political Thought erschienen ist.