Business Cycles and Long-run Growth
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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|Date of creation:||May 1997|
|Date of revision:|
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