Business Cycles and Long-run Growth

Gilles Saint-Paul

No 1642, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: This survey discusses the effect of macroeconomic fluctuations on long-run growth from both a theoretical and empirical perspective. It emphasizes the ‘opportunity cost’ approach, which states that firms will intertemporally substitute productivity-enhancing activities for regular production activity during recessions. It provides aggregate evidence in favour of the opportunity cost approach.

Keywords: Busniess Cycles; Endogenous Growth; Labour Hoarding; Long-run Growth; Productivity; Restructuring (search for similar items in EconPapers)
JEL-codes: E32 O3 O4 (search for similar items in EconPapers)
Date: 1997-05
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Citations: View citations in EconPapers (30)

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Journal Article: Business Cycles and Long-Run Growth (1997)
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