Growing Through Cycles
AbstractAn endogenous growth model is developed, where the balanced growth path is unstable and the economy achieves sustainable growth through cycles, perpetually moving back and forth between two phases. One phase is characterized by higher investment, no innovation, and a competitive market structure, as in the neoclassical model. The other phase is characterized by lower investment, high innovation, and a more monopolistic market structure, as in the neo-Schumpetarian model. Both investment and innovation are essential in sustaining growth indefinitely and yet only one of them appears to play a dominant role in each phase.
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Bibliographic InfoArticle provided by Econometric Society in its journal Econometrica.
Volume (Year): 67 (1999)
Issue (Month): 2 (March)
Other versions of this item:
- Matsuyama, Kiminori, 1996. "Growing Through Cycles," Economics Series 40, Institute for Advanced Studies.
- Matsuyama, K., 1996. "Growing through cycles," DELTA Working Papers 96-18, DELTA (Ecole normale supérieure).
- Kiminori Matsuyama, 1996. "Growing Through Cycles," Discussion Papers 1203, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- O31 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
- E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
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