Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/76390 
Authors: 
Year of Publication: 
2003
Series/Report no.: 
CESifo Working Paper No. 920
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
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.
Subjects: 
endogenous fluctuations and growth
uncertainty under continuous time
Document Type: 
Working Paper
Appears in Collections:

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.