Extensive and Intensive Investment over the Business Cycle

Boyan Jovanovic, Peter L. Rousseau

NBER Working Paper No. 14960
Issued in May 2009, Revised in December 2011

---- Acknowledgements ----

We thank G. Alessandria, W. Brainard, R. Lucas, G. Violante and L. Wong for comments, and S. Bigio, S. Flynn, H. Tretvoll and V. Tsyrennikov for research assistance, and the Ewing Marion Kauffman Foundation for financial assistance. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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