Endogenous Technology Adoption and R&D as Sources of Business Cycle Persistence
研究大衰退后生产率放缓在多大程度上是需求收缩的内生反应，通过构建包含技术开发与采纳成本的模型，发现生产率下降很大部分是内生的，解释了金融危机后复苏缓慢的原因。
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 motivate, develop, and estimate a model with an endogenous TFP mechanism that allows for costly development and adoption of technologies. Our main finding is that a significant fraction of the post-Great Recession fall in productivity was an endogenous phenomenon, suggesting that demand factors played an important role in the postcrisis slowdown of capacity growth. More generally, we provide insight into why recoveries from financial crises may be so slow.