@techreport{NBERw6551,
 title = "Adjusting to a New Technology: Experience and Training",
 author = "Elhanan Helpman and Antonio Rangel",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "6551",
 year = "1998",
 month = "May",
 URL = "http://www.nber.org/papers/w6551",
 abstract = {In this paper we study how aggregate output responds to the arrival of a new General Purpose Technology (GPT) by looking at adjustment mechanisms that operate through labor markets. We show that under a wide set of circumstances the arrival of a new GPT that raises long-run output can trigger a recession in the short-run.  Furthermore, we characterize features of the GPT that produce a cyclical adjustment path.  An initial recession occurs whenever a higher education level is required to operate the new GPT.  But a recession can also occur when the new GPT has lower educational requirements.  A cyclical adjustment path is more likely when inexperienced workers are less productive with the new technology and the faster productivity rises with experience in the new sector.},
}