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- W2891323002 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." @default.
- W2891323002 created "2018-09-27" @default.
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- W2891323002 date "1998-08-01" @default.
- W2891323002 modified "2023-09-23" @default.
- W2891323002 title "Adjusting to a New Technology: Experience and Training" @default.
- W2891323002 hasPublicationYear "1998" @default.
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