Technology Shocks and the Great Depression
构建了1892-1966年的历史技术序列，发现大萧条期间技术并未倒退，反而在复苏期快速提升，且技术改善时产出变化小、投入下降，这对真实商业周期模型构成挑战。
Standard productivity measures indicate large fluctuations in technology during the Great Depression. This article's historical technology series (1892–1966), controlled for aggregation effects, varying input utilization, non-constant returns, and imperfect competition, does not indicate technology regress such that could trigger the downturn. In contrast, technology improvements in the recovery were so rapid that, over the whole Great Depression period, technology growth was highest among pre-WWII decades. This article also finds that output changed little and inputs fell when technology improved in the pre-WWII period. Real-business-cycle models have difficulty in explaining pre-WWII business cycles characterized by such responses.