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Erscheinungsjahr: 
2003
Schriftenreihe/Nr.: 
CESifo Working Paper No. 920
Verlag: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Zusammenfassung: 
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.
Schlagwörter: 
endogenous fluctuations and growth
uncertainty under continuous time
Dokumentart: 
Working Paper
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