Fung, Ka Wai Terence; Lau, Chi Keung Marco; Chan, Kwok Ho - Volkswirtschaftliche Fakultät, … - 2013
The New Keynesian Real Business Cycle model with staggered price adjustment is augmented with a R&D producing sector … intermediation market). We find that, when comparing to the baseline model, both models can explain pro-cyclical R&D spending … with the observed finding that volatility of R&D is larger than that of investment and output. …