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Título: | Endogenous Growth and Wave-Like Business Fluctuation |
Autor: | Bambi, Mauro; Gozzi, Fausto; Licandro, Omar CSIC | Palabras clave: | Endogenous fluctuations Endogenous growth Hopf bifurcation Innovation cycles Medium-term cycles Time delays |
Fecha de publicación: | 1-nov-2014 | Editor: | Academia Press | Citación: | Journal of Economic Theory 154: 68-111 (2014) | Resumen: | This paper argues that observed long lags in innovation implementation rationalize Schumpeter's statement that >wave-like fluctuations in businessz.. are the form economic development takes in the era of capitalism.> Adding implementation delays to an otherwise standard endogenous growth model with expanding product variety, the equilibrium path admits a Hopf bifurcation where consumption, R&D and output permanently fluctuate. This mechanism is quantitatively consistent with the observed medium-term movements of US aggregate output. In this framework, an optimal allocation may be restored at equilibrium by the mean of a procyclical subsidy, needed to generate additional consumption smoothing. Finally, a procyclical R&D subsidy rate designed to half consumption fluctuations will increase the growth rate from 2.4% to 3.4% with a 9.6% (compensation equivalent) increase in welfare. © 2014 Elsevier Inc. | Versión del editor: | http://dx.doi.org/10.1016/j.jet.2014.08.004 | URI: | http://hdl.handle.net/10261/125598 | DOI: | 10.1016/j.jet.2014.08.004 | Identificadores: | doi: 10.1016/j.jet.2014.08.004 issn: 0022-0531 |
Aparece en las colecciones: | (IAE) Artículos |
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