Embodied Technological Progress and Investment in Japan

体现的技术进步意味着投资密集型部门的高生产率增长。与此同时，这也可能是日本经济在90年代以后生产率增长缓慢，投资出现停滞的原因。这项研究推动了体现技术进步的框架，明确考虑到在企业层面的生产过程中的物质投入。我们还考虑了体现在产业层面（或企业层面）的技术进步在宏观经济中的聚集问题。利用这些框架，我们发现，20世纪90年代以后的日本经济中，体现技术进步是生产率增长的不可忽视的因素。

The embodied technological progress implies high productivity growth in investment intensive sectors. At the same time, it may account for low productivity growth in the Japanese economy after 1990s, which investment appears to be stagnated. This research drives the framework of embodied technological progress explicitly taking into account material input in firm-level production process. We also consider the aggregation problem of industry-level(or firm-level) embodied technological progress into macro-economy. Using these frameworks we show that the embodied technological progress is non-negligible factor of productivity growth in the Japanese economy after 1990s.