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Economic Growth and Fluctuations with the Endogenous Length of Business Cycles

Author

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  • Dong-Pyo Hong

    (Korean Information Society Development)

Abstract

This paper introduces a simple endogenous growth model in which investment in capital and investment in research generate both long run growth and business fluctuations. The main implication of this paper embodies Schumpeter's insight to economic development: economic development takes the form of a sequence of business cycles, each being a response to a discontinuous innovation. The model characterizes comoveinents, volatility and lagged reactions among aggregate variables which are linked to the endogenous length of cycle.

Suggested Citation

  • Dong-Pyo Hong, 1998. "Economic Growth and Fluctuations with the Endogenous Length of Business Cycles," Korean Economic Review, Korean Economic Association, vol. 14, pages 273-289.
    • Handle: RePEc:kea:keappr:ker-199812-14-2-03
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    File URL: http://keapaper.kea.ne.kr/RePEc/kea/keappr/KER-199812-14-2-03.pdf
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    More about this item

    Keywords

    Endogenous Length of Business Cycles; Optimal Control; Dynamic Programming;
    All these keywords.

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles

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