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Productivity growth and the Structure of the Business Cycle

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  • Saint-Paul, G.

Abstract

Over recent years `opportunity cost' (OC) models of growth have been constructed which suggest that firms take advantage of the possibility of intertemporal subsitution in order to engage in productivity-improving activities during recessions. This paper tests whether this argument is correct, using a semi-structural vector autoregression to distinguish the trend from the cycle. The results are mildly supportive of the OC theory. Demand shocks tend to have a negative impact on productivity, both in the short and long run, and the short-run impact is stronger in those countries where fluctuations are more transitory. There is no evidence, however, of a significant R&D response to demand shocks.

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Bibliographic Info

Paper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 92-16.

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Length: 38 pages
Date of creation: 1992
Date of revision:
Publication status: Published in European Economic Review, 1993, 37, pp. 861-890
Handle: RePEc:del:abcdef:92-16

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Keywords: productivity ; economic growth ; economic models;

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