Standard macroeconomic models that assume an exogenous stochastic process for multifactor productivity offer the interpretation that recessions are the result of ''bad news'' (technological regress) and expansions are the result of ''good news'' (technological advancement). The view taken here is that both expansions and recessions are the result of ''good news'' in the sense that in both cases, aggregate production possibilities have increased. Recessions can be thought of as the transition from one technological frontier to the next.
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Paper provided by University of Connecticut, Department of Economics in its series Working papers with number
2003-35.
Length: 24 pages Date of creation: Jun 2003 Date of revision: Handle: RePEc:uct:uconnp:2003-35
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Jovanovic, Boyan & Lach, Saul, 1997.
"Product Innovation and the Business Cycle,"
International Economic Review,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(1), pages 3-22, February.
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