Endogenous Business Cycles and Growth

Klaus Wälde

No 920, CESifo Working Paper Series from CESifo

Abstract: Current explanations why a growing economy necessarily goes through booms and recessions predict countercyclical R&D investment. As this is very controversial from an empirical perspective, a stochastic Poisson model of endogenous business cycles and growth is presented where the determinants of the cyclical behaviour of R&D investment are analytically studied. Providing an explicit expression for the expected length of a cycle shows that high frequency fluctuations can indeed be understood by this approach. It is also shown how small technological improvements translate into large aggregate fluctuations.

Keywords: endogenous fluctuations and growth; uncertainty under continuous time (search for similar items in EconPapers)
Date: 2003
New Economics Papers: this item is included in nep-dev and nep-dge
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Related works:
Working Paper: Endogenous business cycles and growth (2004)
Working Paper: Endogenous business cycles and growth (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:ces:ceswps:_920

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