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...easing in parameter , which measures the benefits (lower imitation costs) associated with technological backwardness 12 2.4 Possible Extensions and Discussion We have illustrated our main hypotheses in a highly simplified setting. Our approach is consistent with modeling barriers to technology adoption (in the sense of Parente and Prescott, 1994 and 2002) as a function of vertical distance from the frontier. This general idea could be formalized in more complex frameworks. For example, a possible extension would be to embed these effects in models of technology diffusion and growth, such as Comin and Hobijn (2010), where, in order to become the sole supplier of a particular capital vintage, the capital good producer must bear an up-front fixed cost (an adoption cost). Our hypothesis is that such costs are affected by barriers that vary across societies as a function of their relative vertical distance from the technological frontier. Specifically, our hypothesis is consistent with an extension of Comin and Hobjin (2010)’s model where the parameter in their equation (17) varies across economies as a function of their relative vertical distance from the technological frontier. Our theoretical approach ...

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...arters. Schumpeter, indeed, was more interested in medium (Juglar) and low (Kondratieff) frequency movements lasting around 10 and 50 years, respectively. A description of economic fluctuations more in accordance with the Schumpeterian’s view was recently suggested by Comin and Gertler [20]. They estimate the medium term movements of US per capita GDP growth by analyzing frequencies between 40 and 200 quarters, and find that it permanently undulates with a periodicity of around 11 years and an amplitude of around 8 percentage points from pick to valley. This paper focuses on 1Comin and Hobijn [22] study the pattern of technology diffusion around the globe and find that countries on average adopt technologies 47 years after their invention. Comin et al [23] find that, when compared to the US, lags in the use of technology are measured in decades for most countries. Adams [1] estimates that academic knowledge is a mayor contributor to productivity growth, but its effects lag roughly 20 years. Mansfield [42] estimates the mean adoption delay of twelve mayor 20th-century innovations in 8 years. Jovanovic and Lach [36] estimate at 8.1% the annual diffusion rate of new products. 1 Juglar cyc...

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...still persist. Insofar as the main determinants of rapid TFP advance are the diffusion of innovations and the effectiveness of factors that affect the efficiency with which new technologies are used (=-=Comin and Hobijn, 2010-=-), the evidence suggests a large gap exists between Britain and the United States. Bloom and 15Van Reenen (2007) find that competition in recent years is still relatively milder in Britain than in th...