Business cycles and long-run growth

Gilles Saint-Paul

doi:10.1093/oxrep/13.3.145

Business cycles and long-run growth

Gilles Saint-Paul

Economics

Research output: Contribution to journal › Article › peer-review

Abstract

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 language	English (US)
Pages (from-to)	145-153
Number of pages	9
Journal	Oxford Review of Economic Policy
Volume	13
Issue number	3
DOIs	https://doi.org/10.1093/oxrep/13.3.145
State	Published - 1997

ASJC Scopus subject areas

Economics and Econometrics
Management, Monitoring, Policy and Law

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10.1093/oxrep/13.3.145

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Business cycles and long-run growth

Abstract

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