How much Keynes and how much Schumpeter? An Estimated Macromodel of the US Economy

Philipp Pfeiffer

No 324, 2017 Meeting Papers from Society for Economic Dynamics

Abstract: The macroeconomic experience of the last decade stressed the importance of jointly studying the growth and business cycle fluctuations behavior of the economy. To analyze this issue, we embed a model of Schumpeterian growth into an estimated medium-scale DSGE model. Results from a Bayesian estimation suggest that investment risk premia are a key driver of the slump following the Great Recession. Endogenous innovation dynamics amplifies financial crises and helps explain the slow recovery. Moreover, financial conditions also account for a substantial share of R&D investment dynamics.

Date: 2017
New Economics Papers: this item is included in nep-dge, nep-ino, nep-mac and nep-tid
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (15)

Downloads: (external link)
https://red-files-public.s3.amazonaws.com/meetpapers/2017/paper_324.pdf (application/pdf)

Related works:
Working Paper: How much Keynes and how much Schumpeter? An Estimated Macromodel of the US Economy (2017)
Working Paper: How much Keynes and how much Schumpeter? An Estimated Macromodel of the US Economy (2017)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:red:sed017:324

Access Statistics for this paper

More papers in 2017 Meeting Papers from Society for Economic Dynamics Contact information at EDIRC.
Bibliographic data for series maintained by Christian Zimmermann ().