A carregar...
Publicação
On the effects of economic fluctuations on productivity growth
| Nome: | Descrição: | Tamanho: | Formato: | |
|---|---|---|---|---|
| 405.08 KB | Adobe PDF |
Autores
Orientador(es)
Resumo(s)
We analyze the productivity effects of shocks to the real interest rate and to
demand and supply conditions in a world where productivity enhancing activities
are disruptive. The model predicts that temporary demand downturns may have
positive productivity effects if the real interest rate is not too countercyclical, and
that supply shocks do not affect productivity growth. The model is used to
derive refined novel empirical tests on the so-called Opportunity Cost View of
recessions (Aghion and Saint-Paul (1998)) vis a vis the competing theories of
learning-by-doing and capital market imperfections.
Descrição
Palavras-chave
Economic Fluctuations Productivity Growth