Market frictions, technology adoption and economic growth

被引：7
|
作者：
Chen, BL
Mo, JP
Wang, P
机构：
[1] Vanderbilt Univ, Dept Econ, Nashville, TN 37235 USA
[2] Acad Sinica, Inst Econ, Taipei 11529, Taiwan
来源：
JOURNAL OF ECONOMIC DYNAMICS & CONTROL | 2002年 / 26卷 / 11期
关键词：
technological diffusion; labor market search and matching; endogenous growth;
D O I：
10.1016/S0165-1889(01)00014-8
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper develops an endogenous growth model with labor market matching and technology adoption. While labor market search and entry frictions lengthen technology diffusion, exogenous technology arrival may creatively destruct jobs in the short run. Such interrelationships give rise to multiple equilibria (global and local indeterminacy) under which a small autonomous technological improvement may create a large growth effect. We characterize the effects of exogenous technology arrival on equilibrium matching, adoption effort, wage and the overall dispersion of wages. Social inefficiency arises as a result of individuals' failure to account for free-rider, thick-matching, job-destruction effects in making technology adoption decision. (C) 2002 Elsevier Science B.V. All rights reserved.
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页码：1927 / 1954
页数：28
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