Implementation Cycles in the New Economy

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Implementation Cycles in the New Economy

Author Info

Pasquale Scaramozzino
Jonathan Temple
Nir Vulkan ()

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Abstract

The economic boom of the USA in the 1990s was remarkable in its duration, the sustained rise in equipment investment, the reduced volatility of productivity growth, and continued uncertainty about the trend growth rate. In this paper we link these phenomena using an extension of the classic model of implementation cycles due to Shleifer (1986). The key idea is that uncertainty about the trend growth rate can lead firms to bring forward the implementation of innovations, temporarily eliminating expectations-driven business cycles, because delay is risky when beliefs are not common knowledge.

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Publisher Info
Paper provided by Department of Economics, University of Bristol, UK in its series Bristol Economics Discussion Papers with number 05/569.

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Length: 30 pages
Date of creation: Apr 2005
Date of revision:
Handle: RePEc:bri:uobdis:05/569

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Paper
- Scaramozzino, Pasquale & Temple, Jonathan & Vulkan, Nir, 2005. "Implementation Cycles in the New Economy," CEPR Discussion Papers 5032, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

This paper has been announced in the following NEP Reports:

NEP-ALL-2005-04-16 (All new papers)
NEP-MAC-2005-04-16 (Macroeconomics)

References listed on IDEAS
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Other versions:
- Morris, Stephen & Shin, Hyun Song, 1997. "Unique Equilibrium in a Model of Self-fulfilling Currency Attacks," CEPR Discussion Papers 1687, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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Other versions:
- Stephen Morris & Hyun Song Shin, 2000. "Global Games: Theory and Applications," Cowles Foundation Discussion Papers 1275R, Cowles Foundation, Yale University, revised Aug 2001. [Downloadable!]
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Other versions:
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Azariadis, Costas, 1981. "Self-fulfilling prophecies," Journal of Economic Theory, Elsevier, vol. 25(3), pages 380-396, December. [Downloadable!] (restricted)
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Other versions:
- Stephen Morris & Hyun Song Shin, 2001. "Rethinking Multiple Equilibria in Macroeconomic Modeling," NBER Chapters, in: NBER Macroeconomics Annual 2000, Volume 15, pages 139-182 National Bureau of Economic Research, Inc. [Downloadable!]
Olivier Blanchard & John Simon, 2001. "The Long and Large Decline in U.S. Output Volatility," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 32(2001-1), pages 135-174. [Downloadable!]
Pasquale Scaramozzino & Nir Vulkan, 2004. "Uncertainty and Endogenous Selection of Economic Equilibria," Metroeconomica, Blackwell Publishing, vol. 55(1), pages 22-40, 02. [Downloadable!] (restricted)
Other versions:
- Pasquale Scaramozzino & Nir Vulkan, 2003. "Uncertainty and Endogenous Selection of Economic Equilibria," CEIS Research Paper 5, Tor Vergata University, CEIS. [Downloadable!]
Lubos Pástor & Pietro Veronesi, 2005. "Rational IPO Waves," Journal of Finance, American Finance Association, vol. 60(4), pages 1713-1757, 08. [Downloadable!] (restricted)
Kiminori Matsuyama, 1995. "Complementarities and Cumulative Processes in Models of Monopolistic Competition," Journal of Economic Literature, American Economic Association, vol. 33(2), pages 701-729, June. [Downloadable!] (restricted)
Other versions:
- Kiminiori Matsuyama, 1994. "Complementaries and Cumulative Processes In Models of Monopolistic Competition," Discussion Papers 1106, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
Silvestre, Joaquim, 1993. "The Market-Power Foundations of Macroeconomic Policy," Journal of Economic Literature, American Economic Association, vol. 31(1), pages 105-41, March. [Downloadable!] (restricted)
Other versions:
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