| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20725 |
| 来源ID | Working Paper 20725 |
| Growth, Slowdowns, and Recoveries | |
| Francesco Bianchi; Howard Kung; Gonzalo Morales | |
| 发表日期 | 2014-12-08 |
| 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 | Econometrics ; Estimation Methods ; Macroeconomics ; Business Cycles ; Development and Growth ; Growth and Productivity |
| URL | https://www.nber.org/papers/w20725 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/578400 |
| 推荐引用方式 GB/T 7714 | Francesco Bianchi,Howard Kung,Gonzalo Morales. Growth, Slowdowns, and Recoveries. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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