Uncovering some causal relationships between productivity growth and the structure of economic fluctuations: a tentative survey
This paper discusses recent theoretical and empirical work on the interactions between growth and business cycles. One may distinguish two very different types of approaches to the problem of the influence of macroeconomic fluctuations on long-run growth. In the first type of approach, which relies...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, MA
1993
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| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
4603 |
| Schlagworte: | |
| Zusammenfassung: | This paper discusses recent theoretical and empirical work on the interactions between growth and business cycles. One may distinguish two very different types of approaches to the problem of the influence of macroeconomic fluctuations on long-run growth. In the first type of approach, which relies on learning by doing mechanisms or aggregate demand externalities, productivity growth and direct production activities are complements. An expansion therefore has a positive long-run effect on total factor productivity. In the second type of approach, hereafter labeled 'opportunity cost or 'learning-by-doing', productivity growth and production activities are substitutes. The opportunity cost of some productivity improving activities falls in a recession, which has a long-run positive impact on output. This does not mean, however, that recessions should on average last longer or be more frequent, since the expectation of future recessions reduces today's incentives for productivity growth. We also briefly discuss some empirical work which is mildly supportive of the opportunity cost approach, while showing that it can be reconciled with the observed pro-cyclical behavior of measured total factor productivity. We also describe some theoretical work on the effects of growth on business cycles. |
| Beschreibung: | 31 S. |
Internformat
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| 245 | 1 | 0 | |a Uncovering some causal relationships between productivity growth and the structure of economic fluctuations |b a tentative survey |c Philippe Aghion ; Gilles Saint-Paul |
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 4603 | |
| 520 | |a This paper discusses recent theoretical and empirical work on the interactions between growth and business cycles. One may distinguish two very different types of approaches to the problem of the influence of macroeconomic fluctuations on long-run growth. In the first type of approach, which relies on learning by doing mechanisms or aggregate demand externalities, productivity growth and direct production activities are complements. An expansion therefore has a positive long-run effect on total factor productivity. In the second type of approach, hereafter labeled 'opportunity cost or 'learning-by-doing', productivity growth and production activities are substitutes. The opportunity cost of some productivity improving activities falls in a recession, which has a long-run positive impact on output. This does not mean, however, that recessions should on average last longer or be more frequent, since the expectation of future recessions reduces today's incentives for productivity growth. We also briefly discuss some empirical work which is mildly supportive of the opportunity cost approach, while showing that it can be reconciled with the observed pro-cyclical behavior of measured total factor productivity. We also describe some theoretical work on the effects of growth on business cycles. | ||
| 650 | 4 | |a Business cycles | |
| 650 | 4 | |a Industrial productivity | |
| 650 | 4 | |a Technological innovations | |
| 700 | 1 | |a Saint-Paul, Gilles |d 1963- |e Verfasser |0 (DE-588)122294270 |4 aut | |
| 830 | 0 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 4603 |w (DE-604)BV002801238 |9 4603 | |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-006301898 | ||
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| id | DE-604.BV009541231 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T17:36:48Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-006301898 |
| oclc_num | 29714691 |
| open_access_boolean | |
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| owner_facet | DE-19 DE-BY-UBM DE-521 |
| physical | 31 S. |
| publishDate | 1993 |
| publishDateSearch | 1993 |
| publishDateSort | 1993 |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Aghion, Philippe 1956- Verfasser (DE-588)124546706 aut Uncovering some causal relationships between productivity growth and the structure of economic fluctuations a tentative survey Philippe Aghion ; Gilles Saint-Paul Cambridge, MA 1993 31 S. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 4603 This paper discusses recent theoretical and empirical work on the interactions between growth and business cycles. One may distinguish two very different types of approaches to the problem of the influence of macroeconomic fluctuations on long-run growth. In the first type of approach, which relies on learning by doing mechanisms or aggregate demand externalities, productivity growth and direct production activities are complements. An expansion therefore has a positive long-run effect on total factor productivity. In the second type of approach, hereafter labeled 'opportunity cost or 'learning-by-doing', productivity growth and production activities are substitutes. The opportunity cost of some productivity improving activities falls in a recession, which has a long-run positive impact on output. This does not mean, however, that recessions should on average last longer or be more frequent, since the expectation of future recessions reduces today's incentives for productivity growth. We also briefly discuss some empirical work which is mildly supportive of the opportunity cost approach, while showing that it can be reconciled with the observed pro-cyclical behavior of measured total factor productivity. We also describe some theoretical work on the effects of growth on business cycles. Business cycles Industrial productivity Technological innovations Saint-Paul, Gilles 1963- Verfasser (DE-588)122294270 aut National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 4603 (DE-604)BV002801238 4603 |
| spellingShingle | Aghion, Philippe 1956- Saint-Paul, Gilles 1963- Uncovering some causal relationships between productivity growth and the structure of economic fluctuations a tentative survey National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Business cycles Industrial productivity Technological innovations |
| title | Uncovering some causal relationships between productivity growth and the structure of economic fluctuations a tentative survey |
| title_auth | Uncovering some causal relationships between productivity growth and the structure of economic fluctuations a tentative survey |
| title_exact_search | Uncovering some causal relationships between productivity growth and the structure of economic fluctuations a tentative survey |
| title_full | Uncovering some causal relationships between productivity growth and the structure of economic fluctuations a tentative survey Philippe Aghion ; Gilles Saint-Paul |
| title_fullStr | Uncovering some causal relationships between productivity growth and the structure of economic fluctuations a tentative survey Philippe Aghion ; Gilles Saint-Paul |
| title_full_unstemmed | Uncovering some causal relationships between productivity growth and the structure of economic fluctuations a tentative survey Philippe Aghion ; Gilles Saint-Paul |
| title_short | Uncovering some causal relationships between productivity growth and the structure of economic fluctuations |
| title_sort | uncovering some causal relationships between productivity growth and the structure of economic fluctuations a tentative survey |
| title_sub | a tentative survey |
| topic | Business cycles Industrial productivity Technological innovations |
| topic_facet | Business cycles Industrial productivity Technological innovations |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT aghionphilippe uncoveringsomecausalrelationshipsbetweenproductivitygrowthandthestructureofeconomicfluctuationsatentativesurvey AT saintpaulgilles uncoveringsomecausalrelationshipsbetweenproductivitygrowthandthestructureofeconomicfluctuationsatentativesurvey |