Business cycles and long-run growth

Gilles Saint-Paul

Research output: Contribution to journalArticlepeer-review


In this survey, we discuss the effect of macroeconomic fluctuations on long-run growth from both a theoretical and empirical perspective. We emphasize the 'opportunity cost 'approach, which states that firms will intertemporally substitute productivity-enhancing activities for regular production activity during recessions. We provide aggregate evidence in favour of the opportunity-cost approach.

Original languageEnglish (US)
Pages (from-to)145-153
Number of pages9
JournalOxford Review of Economic Policy
Issue number3
StatePublished - 1997

ASJC Scopus subject areas

  • Economics and Econometrics
  • Management, Monitoring, Policy and Law


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