haku: @author Evans, G. / yhteensä: 35
viite: 6 / 35
| Tekijä: | Evans, G. |
| Otsikko: | Growth cycles |
| Lehti: | American Economic Review
1998 : JUN, VOL. 88:3, p. 495-515 |
| Asiasana: | GROWTH ECONOMICS MODELS |
| Kieli: | eng |
| Tiivistelmä: | The authors construct a rational expectations model in which the economy switches stochastically between periods of low and high growth. When agents expect growth to be slow, the returns on investment are low and little investment takes place. But if agents expect fast growth, investment is high, returns are high, and growth is rapid. This expectational indeterminancy is induced by monopolistic competition and complementarity between different types of capital goods. |
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