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Economic Quarterly

Summer 1999

Growth Accounting with Technological Revolutions

Andreas Hornstein

Empirical evidence sheds light on the process through which use of new technologies becomes spread, or diffused, throughout the economy. Such evidence can disclose, for example, whether the diffusion of a revolutionary new technology like that embodied in modern computers can account for the observed slowdown of measured productivity growth. Most important, the evidence suggests that a technological revolution can have large transitional effects on output and productivity growth.

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