کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
986422 | 1480830 | 2009 | 25 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Schumpeterian cycles with pro-cyclical R&D
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
Recent empirical work finds that R&D expenditures are quite pro-cyclical even for firms that are not credit-constrained during downturns. This has been taken as strong evidence against Schumpeterian-style theories of business cycles that emphasize the idea that downturns in production may be good times to allocate labor towards innovative activities. Here we argue that the pro-cyclicality of R&D investment is in fact quite consistent with at least one of these theories. In our analysis we emphasize three key features of R&D investment relative to other types of innovative activity: (1) it uses knowledge intensively, (2) it is a long-term investment with uncertain applications, and (3) it suffers from diminishing returns over time.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Review of Economic Dynamics - Volume 12, Issue 4, October 2009, Pages 567–591
Journal: Review of Economic Dynamics - Volume 12, Issue 4, October 2009, Pages 567–591
نویسندگان
Patrick Francois, Huw Lloyd-Ellis,