English, Article, Journal or magazine article edition: A Simple Business-Cycle Model with Schumpeterian Features Luis F Costa; Huw D Dixon

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Bookmark: http://trove.nla.gov.au/version/34600
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • A Simple Business-Cycle Model with Schumpeterian Features
Author
  • Luis F Costa
  • Huw D Dixon
Physical Description
  • preprint
Notes
  • We develop a dynamic general equilibrium model of imperfect competition where a sunk cost of creating a new product regulates the type of entry that dominates in the economy: new products or more competition in existing industries. Considering the process of product innovation is irreversible, introduces hysteresis in the business cycle. Expansionary shocks may lead the economy to a new ‘prosperity plateau,’ but contractionary shocks only affect the market power of mature industries
  • RePEc:mmf:mmfc06:105
  • Entry; hysteresis, mark-up
  • RePEc:yor:yorken:05/​30
Language
  • English
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