Please use this identifier to cite or link to this item:
http://hdl.handle.net/10071/10489
Author(s): | Gomes, O. |
Date: | 2008 |
Title: | Too much of a good thing: endogenous business cycles generated by bounded technological progress |
Volume: | 25 |
Number: | 5 |
Pages: | 933-945 |
ISSN: | 0264-9993 |
Keywords: | Technology Externalities Endogenous business cycles Growth models Nonlinear dynamics and chaos |
Abstract: | 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. |
Peerreviewed: | Sim |
Access type: | Open Access |
Appears in Collections: | BRU-RI - Artigos em revistas científicas internacionais com arbitragem científica |
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post_print_Economic_Modelling2008.pdf | 217,73 kB | Adobe PDF | View/Open |
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