Endogenous Cycles and Growth with Indivisible Technological Developments
When large, discrete technological improvements require the accumulation of research or infrastructural investment over time, growth paths display cyclical patterns even in the absence of any shocks. Particularly interesting equilibrium features of these cycles include declines in output and asymmetries in the cyclic patterns displayed during expansions and recessions. (Copyright: Elsevier)
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Volume (Year): 2 (1999)
Issue (Month): 2 (April)
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