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The extent of this procyclicality is modest : R & D in a boom is about 3-8 percent higher for a given value of k than in ... This suggests the procyclical bias in R & D must be large at empirically plausible parameter values , enough to ...
The extent of this procyclicality is modest : R & D in a boom is about 3-8 percent higher for a given value of k than in ... This suggests the procyclical bias in R & D must be large at empirically plausible parameter values , enough to ...
Página 1151
The model unambiguously views pro- cyclical equilibrium R & D as inefficient . C. Robustness The calibration exercise above reveals that the procyclical bias in R & D can be strong enough to account for the procyclicality of R & D all ...
The model unambiguously views pro- cyclical equilibrium R & D as inefficient . C. Robustness The calibration exercise above reveals that the procyclical bias in R & D can be strong enough to account for the procyclicality of R & D all ...
Página 1152
This pattern is consistent with the findings in Comin and Gertler ( 2006 ) that R & D is more procyclical at medium - term frequencies than at high frequen- cies ; shocks that cause profits to remain below average for extended periods ...
This pattern is consistent with the findings in Comin and Gertler ( 2006 ) that R & D is more procyclical at medium - term frequencies than at high frequen- cies ; shocks that cause profits to remain below average for extended periods ...
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agents aggregate American Economic Review analysis assets assume assumption average behavior benchmark Beveridge curve business cycles candidates capital changes choice coefficient cointegration consumer consumption contracts correlation cost of business countercyclical deductible degree distributions distribution durables effect empirical equation equilibrium estimated exchange expected Figure firms function given growth HIP model households implies impulse responses income increase individuals inflation inventory investment investment rate Journal of Economics labor market loss aversion marginal likelihood matching Matthew Rabin ment Michael Woodford monetary policy nodes nomic observed optimal output pairs paper parameters patients percent policy shock post.com preferences procyclical production Proposition random regime relative response risk aversion sample Section sector Shapley value side payments simulations sticky prices stochastic Table theory tion tradable unemployment utility variables variance volatility vouchers wage workers Yangzi Delta