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Economic Growth, Unemployment, and Business Cycles


  • Katsuhiko Hori

    (Institute of Economic Research, Kyoto University)


This paper explores relationships among economic growth, unemployment, and business cycles by constructing a model, which views the process of creative destruction as a major source of business cycles, as well as of economic growth. The main results are as follows: first, the long-run growth rate has a negative relationship with the amplitude of business cycles. Second, the growth rate has a negative connection with the frequency of slump. Third, a permanent shock causes unemployment, but a transitory shock leads to full employment.

Suggested Citation

  • Katsuhiko Hori, 2008. "Economic Growth, Unemployment, and Business Cycles," Keio/Kyoto Joint Global COE Discussion Paper Series 2008-039, Keio/Kyoto Joint Global COE Program.
  • Handle: RePEc:kei:dpaper:2008-039

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