This paper provides empirical evidence on the response of labor productivity to the arrival of new inventions. The … analysis shows that labor productivity may temporarily fall below trend after technological progress. However, the effects on … productivity differ between the pre- and post-World War II periods. The pre-war period shows evidence of a productivity slowdown as …

knowledge production function and intertemporal spillover effects using cointegration techniques. Time-series evidence suggests … captures a long-run positive relationship between TFP and the knowledge stock. The results indicate the presence of strong … intertemporal knowledge spillovers and that the long-run impact of the knowledge stock on TFP is small. This evidence is interpreted …