Growth and Output Fluctuations

Chol‐Won Li
Authors registered in the RePEc Author Service: 春山 鉄源

Scottish Journal of Political Economy, 2000, vol. 47, issue 2, 95-113

Abstract: This paper sheds new light on the interaction between growth and output fluctuations. Our approach is different from the literature in that we analyse how endogenous fluctuations are affected by a faster productivity growth in the long run. Main results: (i) expansion (or contraction) occurs more (or less) frequently, (ii) expansion becomes milder but contraction severer, (iii) the amplitude of fluctuations becomes larger, (iv) the variance of output changes ambiguously, indicating a non‐monotonic relationship. We also investigate how an R&D subsidy alters the nature of output fluctuations and re‐examine its effect on technological change in the presence of recurrent cycles. The result questions the widely‐accepted theoretical implication that a research subsidy unambiguously promotes technological progress.

Date: 2000
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https://doi.org/10.1111/1467-9485.00155

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Working Paper: Growth and Output Fluctuations (1998)
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Persistent link: https://EconPapers.repec.org/RePEc:bla:scotjp:v:47:y:2000:i:2:p:95-113

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