The American Economic Review, Volume 97American Economic Association., 2007 |
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... procyclical . By contrast , solving the planner's problem reveals that the optimal path for R & D is countercyclical , i.e. , Ro ( k ) > R1 ( k ) for all limiting values of k . This suggests the procyclical bias in R & D must be large ...
... procyclical . By contrast , solving the planner's problem reveals that the optimal path for R & D is countercyclical , i.e. , Ro ( k ) > R1 ( k ) for all limiting values of k . This suggests the procyclical bias in R & D must be large ...
Página 1151
... procyclical . This suggests the bias toward procyclical R & D might not be able to account for the procyclicality of R & D by itself . I then argue that variable labor supply , which I have emphasized throughout as a potentially ...
... procyclical . This suggests the bias toward procyclical R & D might not be able to account for the procyclicality of R & D by itself . I then argue that variable labor supply , which I have emphasized throughout as a potentially ...
Página 1152
... procyclical bias can account for procyclical R & D appears somewhat fragile : a slightly lower fixed cost , a slightly lower markup , or a slightly less persis- tent process all lead to countercyclical equilib- rium R & D . This does ...
... procyclical bias can account for procyclical R & D appears somewhat fragile : a slightly lower fixed cost , a slightly lower markup , or a slightly less persis- tent process all lead to countercyclical equilib- rium R & D . This does ...
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EDMUND S PHELPS | 541 |
O 2 0 2007 | 713 |
ALMA COHEN AND LIRAN EINAV | 745 |
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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