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| Author: | Matsuyama, K. |
| Title: | Growing through cycles |
| Journal: | Econometrica
1999 : MAR, VOL. 67:2, p. 335-348 |
| Index terms: | GROWTH ECONOMETRICS INVESTMENT |
| Language: | eng |
| Abstract: | The neoclassical growth model focuses on factor accumulation as an engine of growth, while the neo-Schumpetarian growth model stresses innovation. This paper argues that these two views of growth may capture different phases of a single growth experience. In the model presented here, the balanced growth path is unstable and the economy achieves sustainable growth through cycles under an empirically plausible condition, perpetually moving back and forth between two phases. |
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