Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/202279
Authors: 
Cozzi, Guido
Pataracchia, Beatrice
Pfeiffer, Philipp
Marco, Ratto
Year of Publication: 
2017
Series/Report no.: 
JRC Working Papers in Economics and Finance No. 2017/1
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.
Subjects: 
endogenous growth
R&D
Schumpeterian growth
Bayesian estimation
JEL: 
E3
O3
O4
Persistent Identifier of the first edition: 
ISBN: 
978-92-79-67436-5
Document Type: 
Working Paper

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