López García, Paloma; Montero, José Manuel; …
theory, productivity-enhancing activities, such as R&D investment, should increase during downturns because of the fall in …-term impact on productivity growth. In the spirit of Aghion et al. (2007) we allow the impact of the cycle on R&D to vary between … is optimal for them. We go one step further and explore whether other productivity-enhancing activities, like on …