Innovation and Business Cycles

该项目的目标是构建第一个模型，其中出现以下特征：(a)增长和周期是内生的，(b)它们是由创新驱动的，(c)发明数量很大，(d)没有“大”发明，(e)增长及其方差可以负相关。这些新模型将宏观经济学的商业周期部分与增长理论的一半结合起来。它们提供了一种严谨的方法来研究商业周期和经济增长的动态，这与美国的经验更为一致。这个项目应该为成长过程及其可变性提供有价值的新见解。？?

9730655 Jovanovic The objective of this project is to construct the first models in which the following features arise: (a) Growth and cycles are endogenous, (b) They are driven by innovation, (c) The number of inventions is large, (d) There are no "big" inventions, and (e) Growth and its variance can be negatively correlated. These new models integrate the business-cycle half of macroeconomics with the growth theory half. They provide a rigorous way of studying the dynamics of business cycles and economic growth that is more consistent with the U.S. experience. This project should provide valuable new insights into the growth process and its variability. ??