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Endogenous business cycles and growth

Klaus Wälde ()

No 12/03, Dresden Discussion Paper Series in Economics from Technische Universität Dresden, Faculty of Business and Economics, Department of Economics

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 Poissonmodel 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)
JEL-codes: E32 O41 (search for similar items in EconPapers)
Date: 2003
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Related works:
Working Paper: Endogenous business cycles and growth (2004) Downloads
Working Paper: Endogenous Business Cycles and Growth (2003) Downloads
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