-cycle properties. In particular, we show that increasing returns to scale (due to production externalities) may induce asymmetric …-shaped output dynamics can emerge even when externalities are below the threshold level required for indeterminacy, and output …

market is more developed. We build a fully-edged neoclassical growth model with an endogenous financial market of credit … "Great Moderation" and the simultaneously rising trends of dispersions in sales growth and stock returns for publicly traded …