agriculture declines while labor productivity increases in agriculture more than in other sectors. We construct a unified theory of … business cycles and structural change consistent with the stylized facts. The focal point of the theory is the simultaneous …

We examine how credit constraints affect the cyclical behavior of productivity-enhancing investment and thereby … volatility and growth. We first develop a simple growth model where firms engage in two types of investment: a short-term one and … a long-term productivity-enhancing one. Because it takes longer to complete, long-term investment has a relatively less …

. Accordingly, R&D firms will optimally adjust their investment decisions to fit tax schedule changes. This study analyzes how … implementation. For this purpose, we consider adjustment costs involved in the investment process and allow firms to make a forward … looking investment decision in a R&D-based endogenous growth model. Calibrating the model with U.S. data, we find that a …

major intermediate input into expanding plant capacity, investment goods, is countercyclical. The ratio of these prices is … are diminishing returns to expanding plant capacity by installing investment goods ("adjustment costs"). However, the … which shifts the technology for producing investment goods. The adjustment costs cause the two prices to respond differently …

We estimate a New-Neoclassical Synthesis model of the business cycle with two investment shocks. The first, an … investment-specific technology shock, affects the transformation of consumption into investment goods and is identified with the … relative price of investment. The second shock affects the production of installed capital from investment goods or, more …

We estimate a New-Neoclassical Synthesis model of the business cycle with two investment shocks. The first, an … investment-specific technology shock, affects the transformation of consumption into investment goods and is identified with the … relative price of investment. The second shock affects the production of installed capital from investment goods or, more …

nonlinear dynamics are explicitly incorporated. We highlight the role of investment demand in driving economic fluctuations …