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Endogenous Cycles and Growth with Indivisible Technological Developments

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Author Info
Scott Freeman (Department of Economics, University of Texas)
Dong-Pyo Hong (Korea Information Society Development Institute)
Dan Peled (Technion - Israel Institute of Technology)

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Abstract

When large, discrete technological improvements require the accumulation of research or infrastructural investment over time, growth paths display cyclical patterns even in the absence of any shocks. Particularly interesting equilibrium features of these cycles include declines in output and asymmetries in the cyclic patterns displayed during expansions and recessions. (Copyright: Elsevier)

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File URL: http://dx.doi.org/10.1006/redy.1999.0058
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Publisher Info
Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

Volume (Year): 2 (1999)
Issue (Month): 2 (April)
Pages: 402-432
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Handle: RePEc:red:issued:v:2:y:1999:i:2:p:402-432

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Find related papers by JEL classification:
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
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

References listed on IDEAS
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  1. Jovanovic, Boyan & Rob, Rafael, 1990. "Long Waves and Short Waves: Growth through Intensive and Extensive Search," Econometrica, Econometric Society, vol. 58(6), pages 1391-1409, November. [Downloadable!] (restricted)
    Other versions:
  2. Balke, Nathan S & Wynne, Mark A, 1995. "Recessions and Recoveries in Real Business Cycle Models," Economic Inquiry, Oxford University Press, vol. 33(4), pages 640-63, October.
  3. Emery, Kenneth M. & Koenig, Evan F., 1992. "Forecasting turning points : Is a two-state characterization of the business cycle appropriate?," Economics Letters, Elsevier, vol. 39(4), pages 431-435, August. [Downloadable!] (restricted)
  4. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-51, March. [Downloadable!] (restricted)
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  5. Kenneth M. Emery & Evan F. Koenig, 1992. "Forecasting turning points: is a two-state characterization of the business cycle appropriate?," Research Paper 9214, Federal Reserve Bank of Dallas.
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  1. Jakub, GROWIEC & Ingmar, SCHUMACHER, 2007. "Technological opportunity, long-run growth and convergence," Université catholique de Louvain, Département des Sciences Economiques Working Paper 2007034, Université catholique de Louvain, Département des Sciences Economiques. [Downloadable!]
  2. Klaus Walde, 2004. "Endogenous business cycles and growth," Money Macro and Finance (MMF) Research Group Conference 2003 109, Money Macro and Finance Research Group. [Downloadable!]
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  3. Michael R. Pakko, 2005. "Changing technology trends, transition dynamics and growth accounting," Working Papers 2000-014, Federal Reserve Bank of St. Louis. [Downloadable!]
    Other versions:
  4. Patrick Francois & Huw Lloyd-Ellis, 2001. "Animal Spirits meets Creative Destruction," Cahiers de recherche CREFE / CREFE Working Papers 130, CREFE, Université du Québec à Montréal. [Downloadable!]
    Other versions:
  5. Patrick Francois & Huw Lloyd-Ellis, 2003. "Animal Spirits through Creative Destruction," American Economic Review, American Economic Association, vol. 93(3), pages 530-550, June. [Downloadable!] (restricted)
  6. Lilia Maliar & Serguei Maliar, 2003. "Endogenous Growth And Endogenous Business Cycles," Working Papers. Serie AD 2003-14, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
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  7. Jeff Wrase & Kerk Phillips, 2004. "Is Schumpeterian Creative Destruction a Plausible Source of Endogenous Real Business Cycle Shocks," Econometric Society 2004 Far Eastern Meetings 428, Econometric Society. [Downloadable!]
    Other versions:
  8. Kerk L. Phillips, 2000. "Schumpeterian Growth and Endogenous Business Cycles," Econometric Society World Congress 2000 Contributed Papers 0706, Econometric Society. [Downloadable!]
    Other versions:
  9. Patrick Francois & Huw Lloyd-Ellis, 2005. "I - Q Cycles," Working Papers 1040, Queen's University, Department of Economics. [Downloadable!]
    Other versions:
  10. Klaus, WAELDE, 2003. "Endogenous growth cycles," Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Discussion Paper 2004012, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES), revised 15 Mar 2004. [Downloadable!]
    Other versions:
    • Klaus Wälde, 2005. "Endogenous Growth Cycles," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(3), pages 867-894, 08. [Downloadable!] (restricted)
  11. Ryo Horii, 2005. "Wants and Past Knowledge: Growth Cycles with Emerging Industries," Development and Comp Systems 0504007, EconWPA, revised 10 Jan 2006. [Downloadable!]
    Other versions:
  12. Francois, P. & Lloyd-Ellis, H., 2003. "Co-movement, capital and contracts: 'normal' cycles through creative destruction," Discussion Paper 62, Tilburg University, Center for Economic Research. [Downloadable!]
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