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来源类型Working Paper
规范类型报告
DOI10.3386/w10741
来源IDWorking Paper 10741
On the Timing of Innovation in Stochastic Schumpeterian Growth Models
Gadi Barlevy
发表日期2004-09-06
出版年2004
语种英语
摘要Recent work has revived the Schumpeterian hypothesis that recessions facilitate innovation and growth. But a major source of productivity growth, research and development, is actually procyclical. This paper argues that while it is optimal to concentrate growth-enhancing activities in downturns, dynamic spillovers inherent to the R&D process lead private agents to concentrate too much of their R&D activity in booms, precisely when its social cost is highest. Thus, while previous literature has argued recessions promote growth and intertemporal substitution is a desirable consequence of fluctuations, in the case of R&D recessions discourage growth and intertemporal substitution proves to be a social liability.
主题Macroeconomics ; Business Cycles ; Development and Growth ; Innovation and R& ; D ; Microeconomics ; Welfare and Collective Choice
URLhttps://www.nber.org/papers/w10741
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/568373
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GB/T 7714
Gadi Barlevy. On the Timing of Innovation in Stochastic Schumpeterian Growth Models. 2004.
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