Utilize este identificador para referenciar este registo: http://hdl.handle.net/10071/10489
Autoria: Gomes, O.
Data: 2008
Título próprio: Too much of a good thing: endogenous business cycles generated by bounded technological progress
Volume: 25
Número: 5
Paginação: 933-945
ISSN: 0264-9993
Palavras-chave: Technology
Externalities
Endogenous business cycles
Growth models
Nonlinear dynamics and chaos
Resumo: Following Jones and Williams [Jones, C.I., Williams, J., 2000. Too much of a good thing? The economics of investment in R&D. Journal of Economic Growth vol. 5 (no. 1), 65-85], we assume that R&D is simultaneously subject to positive and to negative external effects (e.g., the non-rival nature of technology conflicts with congestion externalities). This observation allows to conceive an economy where two R&D sectors evolve without departing significantly from each other in terms of their productive results (society tends to penalize imbalances in technical progress, making negative external effects to appear associated to a sector when this outstands relatively to the other sector, in turn, will be subject to positive externalities that reflect a catching up effect). The proposed framework, when associated to a growth setup, is able to replicate the existence of endogenous fluctuations and, therefore, it intends to be a contribution to the literature on endogenous business cycles.
Arbitragem científica: Sim
Acesso: Acesso Aberto
Aparece nas coleções:BRU-RI - Artigos em revistas científicas internacionais com arbitragem científica

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