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Federal Reserve Bank of Minneapolis
Staff Report
Technology adoption and growth
Stephen L. Parente
Edward C. Prescott

Technology change is modeled as the result of decisions of individuals and groups of individuals to adopt more advanced technologies. The structure is calibrated to the U.S. and postwar Japan growth experiences. Using this calibrated structure we explore how large the disparity in the effective tax rates on the returns to adopting technologies must be to account for the huge observed disparity in per capita income across countries. We find that this disparity is not implausibly large.

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Stephen L. Parente & Edward C. Prescott, Technology adoption and growth, Federal Reserve Bank of Minneapolis, Staff Report 136, 1991.
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Keywords: Technology ; Economic development
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Fed-in-Print is the central catalog of publications within the Federal Reserve System. It is managed and hosted by the Economic Research Division, Federal Reserve Bank of St. Louis.

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