Embodied Technological Progress and Investment in Japan

体现的技术进步意味着投资密集型部门生产率的高增长。与此同时，它也可能解释了日本经济在20世纪90年代后生产率增长缓慢，投资似乎停滞不前的原因。本研究明确考虑了企业层面生产过程中的物质投入，推动了具体技术进步的框架。本文还考虑了产业层面（或企业层面）技术进步在宏观经济中的聚集问题。利用这些框架，我们证明了体现技术进步是20世纪90年代以后日本经济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.