Business Cycles and Long-Run Growth

Gilles Saint-Paul

Oxford Review of Economic Policy, 1997, vol. 13, issue 3, 145-53

Abstract: In this survey, we discuss the effect of macroeconomic fluctuations on long-run growth from both a theoretical and empirical perspective. We emphasize the "opportunity cost" approach, which states that firms will intertemporally substitute productivity-enhancing activities for regular production activity during recessions. We provide aggregate evidence in favor of the opportunity-cost approach. Copyright 1997 by Oxford University Press.

Date: 1997
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