Why don't recessions encourage more R&D spending?

Gadi Barlevy

Chicago Fed Letter, 2005, issue Nov, No 220

Abstract: Economists sometimes argue that recessions promote activities that ultimately contribute to long-run growth. But evidence suggests research and development, one important source of economic growth, falls rather than rises during recessions, even for firms that do not appear to be credit constrained. The author discusses an alternative explanation for this pattern.

Keywords: Research; and; development (search for similar items in EconPapers)
Date: 2005
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