| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10291 |
| DP10291 Growth, Slowdowns, and Recoveries | |
| Francesco Bianchi; Howard Kung | |
| 发表日期 | 2014-12-07 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We construct and estimate an endogenous growth model with debt and equity financing frictions to understand the relation between business cycle fluctuations and long-term growth. The presence of spillover effects from R&D imply an endogenous relation between productivity growth and the state of the economy. A large contractionary shock to equity financing in the 2001 recession led to a persistent growth slowdown that was more severe than in the 2008 recession. Equity (debt) financing shocks are more important for explaining R&D (physical) investment. Therefore, these two financing shocks affect the economy over different horizons. |
| 主题 | International Macroeconomics |
| 关键词 | Financial frictions Endogenous growth Business cycles Bayesian methods |
| URL | https://cepr.org/publications/dp10291 |
| 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/539123 |
| 推荐引用方式 GB/T 7714 | Francesco Bianchi,Howard Kung. DP10291 Growth, Slowdowns, and Recoveries. 2014. |
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