Growth and Output Fluctuations

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

Working Papers from Business School - Economics, University of Glasgow

Abstract: Output fluctuations are driven by expectations about the degree of competition in the product market (and R&D sector). We examine how the characteristics of endogenous cycles change in the long run, as labour productivity grows faster. 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-linear relation. Once the growth of labour productivity is endogenised with learning-by- doing, it grows faster in contraction if the strength of inter-industry learning spillovers is relatively weak.

Keywords: expectations; fluctuations; growth; learning-by-doing; innovations (search for similar items in EconPapers)
JEL-codes: E30 O30 O40 (search for similar items in EconPapers)
Date: 1998-10
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Related works:
Journal Article: Growth and Output Fluctuations (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:gla:glaewp:9810

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