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Business Cycles and Long-run Growth

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  • Saint-Paul, Gilles

Abstract

This survey discusses the effect of macroeconomic fluctuations on long-run growth from both a theoretical and empirical perspective. It emphasizes the ‘opportunity cost’ approach, which states that firms will intertemporally substitute productivity-enhancing activities for regular production activity during recessions. It provides aggregate evidence in favour of the opportunity cost approach.

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File URL: http://www.cepr.org/pubs/dps/DP1642.asp
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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1642.

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Date of creation: May 1997
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Handle: RePEc:cpr:ceprdp:1642

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Related research

Keywords: Busniess Cycles; Endogenous Growth; Labour Hoarding; Long-run Growth; Productivity; Restructuring;

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Cited by:
  1. Sebastian Dullien & Ulrich Fritsche, 2008. "Does the dispersion of unit labor cost dynamics in the EMU imply long-run divergence?," International Economics and Economic Policy, Springer, vol. 5(3), pages 269-295, November.
  2. Chol-Won Li, 1998. "Growth and Output Fluctuations," Working Papers 9810, Business School - Economics, University of Glasgow.
  3. Keith Blackburn & Dimitrios Varvarigos, 2008. "Human capital accumulation and output growth in a stochastic environment," Economic Theory, Springer, vol. 36(3), pages 435-452, September.
  4. Sebastian Dullien & Ulrich Fritsche, 2007. "Does the Dispersion of Unit Labor Cost Dynamics in the EMU Imply Long-run Divergence? Results from a Comparison with the United States of America and Germany," Macroeconomics and Finance Series 200702, Hamburg University, Department Wirtschaft und Politik.
  5. Dimitrios Varvarigos, 2006. "On stabilisation policy: Are there conflicting implications for growth and welfare?," Discussion Paper Series 2006_19, Department of Economics, Loughborough University, revised Jul 2006.
  6. Aki Kangasharju & Pekkala & Sari, 2001. "Regional Economic Repercussions of an Economic Crisis: A Sectoral Analysis," Discussion Papers 248, Government Institute for Economic Research Finland (VATT).
  7. K Blackburn & D Varvarigos, 2006. "Human Capital Accumulation in a Stochastic Environment: Some New Results on the Relationship Between Growth and Volatility," Centre for Growth and Business Cycle Research Discussion Paper Series 74, Economics, The Univeristy of Manchester.
  8. Pacheco Jiménez, J.F., 2001. "Business cycles in small open economies: the case of Costa Rica," ISS Working Papers - General Series 19075, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
  9. Kangasharju, Aki & Pekkala, Sari, 2000. "The Effect Of Aggregate Fluctuations On Regional Economic Disparities In Finland," ERSA conference papers ersa00p26, European Regional Science Association.
  10. Jim Malley & Anton Muscatelli & Ulrich Woitek, 1998. "The Interaction Between Business Cycles and Productivity Growth: Evidence from US Industrial Data," Working Papers 9805, Business School - Economics, University of Glasgow, revised Oct 1998.
  11. Wälde, Klaus & Woitek, Ulrich, 2003. "R&D expenditure in G7 countries and implications for endogenous fluctuations and growth," Dresden Discussion Paper Series in Economics 03/03, Dresden University of Technology, Faculty of Business and Economics, Department of Economics.
  12. Solvay, J. & Sanglier, M., 1998. "A model of the growth of corporate productivity," International Business Review, Elsevier, vol. 7(5), pages 463-481, October.
  13. Nadine Leiner-Killinger & Víctor López Pérez & Roger Stiegert & Giovanni Vitale, 2007. "Structural reforms in EMU and the role of monetary policy – a survey of the literature," Occasional Paper Series 66, European Central Bank.

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