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Economic Growth and Business Cycles

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  • Canton, E.J.F.

    (Tilburg University)

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    Abstract

    Abstract: This thesis contains five essays on economic growth and business cycles. The main focus is on the interaction between economic growth and the cycle: is cyclical variability good or bad for the long-run rate of economic growth? The introduction aims to provide some empirical evidence for an investment-driven growth experience in a group of OECD countries over the post-war period, and examines some salient business cycle facts. The second chapter analyses the macroeconomic effects of demographic transitions like the baby-boom/baby-bust and the expected ageing process. Chapter three explores the effect of business cycle fluctuations on the optimal accumulation of human capital and economic growth. The model predicts a strong positive interaction between economic growth and the cycle, since people spend more time on learning as a way to insure themselves against future income losses. The fourth essay deals with the effect of learning-by-doing on creative destruction and entrenchment within a neo-Schumpeterian framework. Also here we find a positive relationship between economic growth and cyclical variability. The last chapter investigates the effect of government policy on economic growth and business cycle fluctuations, in the presence of random income taxation.

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    Bibliographic Info

    Paper provided by Tilburg University in its series Open Access publications from Tilburg University with number urn:nbn:nl:ui:12-74324.

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    Length: 194
    Date of creation: 1997
    Date of revision:
    Publication status: Published
    Handle: RePEc:ner:tilbur:urn:nbn:nl:ui:12-74324

    Note: Dissertation
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    Web page: http://www.tilburguniversity.edu/

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    1. Milton H. Marquis & Tor Einarsson, 1994. "An RBC model with growth: the role of human capital," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 94-33, Board of Governors of the Federal Reserve System (U.S.).
    2. Robert J. Barro, 2012. "Inflation and Economic Growth," CEMA Working Papers, China Economics and Management Academy, Central University of Finance and Economics 568, China Economics and Management Academy, Central University of Finance and Economics.
    3. J. Bradford DeLong & Lawrence H. Summers, 1986. "The Changing Cyclical Variability of Economic Activity in the United States," NBER Chapters, National Bureau of Economic Research, Inc, in: The American Business Cycle: Continuity and Change, pages 679-734 National Bureau of Economic Research, Inc.
    4. Campbell, John Y., 1994. "Inspecting the mechanism: An analytical approach to the stochastic growth model," Journal of Monetary Economics, Elsevier, Elsevier, vol. 33(3), pages 463-506, June.
    5. Nancy L. Stokey & Sergio Rebelo, 1993. "Growth Effects of Flat-Rate Taxes," NBER Working Papers 4426, National Bureau of Economic Research, Inc.
    6. Gary Hansen, 2010. "Indivisible Labor and the Business Cycle," Levine's Working Paper Archive 233, David K. Levine.
    7. V. V. Chari & Lawrence J. Christiano & Patrick J. Kehoe, 1993. "Optimal Fiscal Policy in a Business Cycle Model," NBER Working Papers 4490, National Bureau of Economic Research, Inc.
    8. Young, Alwyn, 1991. "Learning by Doing and the Dynamic Effects of International Trade," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 106(2), pages 369-405, May.
    9. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
    10. Glomm, Gerhard & Ravikumar, B., 1997. "Productive government expenditures and long-run growth," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 21(1), pages 183-204, January.
    11. Jonsson, G. & Klein, P., 1995. "Stochastic Fiscal Policy and the Swedish Business Cycle," Papers, Stockholm - International Economic Studies 592, Stockholm - International Economic Studies.
    12. Rebelo, Sergio, 1991. "Long-Run Policy Analysis and Long-Run Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 99(3), pages 500-521, June.
    13. Baxter, Marianne & King, Robert G, 1993. "Fiscal Policy in General Equilibrium," American Economic Review, American Economic Association, American Economic Association, vol. 83(3), pages 315-34, June.
    14. Alwyn Young, 1991. "Learning by Doing and the Dynamic Effects of International Trade," NBER Working Papers 3577, National Bureau of Economic Research, Inc.
    15. Jones, Larry E & Manuelli, Rodolfo E & Rossi, Peter E, 1993. "Optimal Taxation in Models of Endogenous Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 101(3), pages 485-517, June.
    16. Harald Uhlig, 1995. "A toolkit for analyzing nonlinear dynamic stochastic models easily," Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis 101, Federal Reserve Bank of Minneapolis.
    17. Ellen R. McGrattan, 1994. "A progress report on business cycle models," Quarterly Review, Federal Reserve Bank of Minneapolis, Federal Reserve Bank of Minneapolis, issue Fall, pages 2-16.
    18. Lucas, Robert E, Jr, 1978. "Asset Prices in an Exchange Economy," Econometrica, Econometric Society, Econometric Society, vol. 46(6), pages 1429-45, November.
    19. Smith, William T., 1996. "Taxes, uncertainty, and long-term growth," European Economic Review, Elsevier, Elsevier, vol. 40(8), pages 1647-1664, November.
    20. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, Econometric Society, vol. 50(6), pages 1345-70, November.
    21. Smulders, J.A., 1995. "Environmental quality and pollution-augmenting technological change in a two-sector endogenous growth model," Open Access publications from Tilburg University, Tilburg University urn:nbn:nl:ui:12-153411, Tilburg University.
    22. Kormendi, Roger C. & Meguire, Philip G., 1985. "Macroeconomic determinants of growth: Cross-country evidence," Journal of Monetary Economics, Elsevier, Elsevier, vol. 16(2), pages 141-163, September.
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    Cited by:
    1. Scott, A. & Uhlig, H.F.H.V.S., 1998. "Fickle Investors: An Impediment to Growth?," Discussion Paper, Tilburg University, Center for Economic Research 1998-134, Tilburg University, Center for Economic Research.

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