Economic Growth and Fluctuations with the Endogenous Length of Business Cycles

Dong-Pyo Hong
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Dong-Pyo Hong: Korean Information Society Development

Korean Economic Review, 1998, vol. 14, 273-289

Abstract: This paper introduces a simple endogenous growth model in which investment in capital and investment in research generate both long run growth and business fluctuations. The main implication of this paper embodies Schumpeter's insight to economic development: economic development takes the form of a sequence of business cycles, each being a response to a discontinuous innovation. The model characterizes comoveinents, volatility and lagged reactions among aggregate variables which are linked to the endogenous length of cycle.

Keywords: Endogenous Length of Business Cycles; Optimal Control; Dynamic Programming (search for similar items in EconPapers)
JEL-codes: E3 O1 (search for similar items in EconPapers)
Date: 1998
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