NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Diego Anzoategui

Department of Economics
New York University
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NBER Working Papers and Publications

February 2016Endogenous Technology Adoption and R&D as Sources of Business Cycle Persistence
with Diego Comin, Mark Gertler, Joseba Martinez: w22005
We examine the hypothesis that the slowdown in productivity following the Great Recession was in significant part an endogenous response to the contraction in demand that induced the downturn. We first present some panel data evidence that technology diffusion is highly cyclical. We then develop and estimate a macroeconomic model with an endogenous TFP mechanism that allows for both costly development and adoption of new technologies. We then show that the model's implied cyclicality of technology diffusion is consistent with the panel data evidence. We next use the model to assess the sources of the productivity slowdown. We find that a significant fraction of the post- Great Recession fall in productivity was an endogenous phenomenon. The endogenous productivity mechanism also helps acco...
 
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