| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6122 |
| DP6122 Random Walk Expectations and the Forward Discount Puzzle | |
| Philippe Bacchetta; Eric van Wincoop | |
| 发表日期 | 2007-02-14 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | This paper studies the dynamics of fundamental research. We develop a simple model where researchers allocate their effort between improving existing fields and inventing new ones. A key assumption is that scientists derive utility from recognition from other scientists. We show that the economy can be either in a regime where new fields are constantly invented, and then converges to a steady state, or in a cyclical regime where periods of innovation alternate with periods of exploitation. We characterize the cyclical dynamics of the economy, show that indeterminacy may appear, and establish some comparative statics and welfare implications. |
| 主题 | International Macroeconomics ; Labour Economics |
| 关键词 | Research dynamics Innovation cycles Indeterminacy |
| URL | https://cepr.org/publications/dp6122 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534960 |
| 推荐引用方式 GB/T 7714 | Philippe Bacchetta,Eric van Wincoop. DP6122 Random Walk Expectations and the Forward Discount Puzzle. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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