NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Gonzalo Morales

Alberta School of Business
University of Alberta
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Edmonton, AB T6G 2R6
Canada
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NBER Working Papers and Publications

December 2014Growth, Slowdowns, and Recoveries
with Francesco Bianchi, Howard Kung: w20725
We construct and estimate a model that features endogenous growth and technology adoption to study the link between business cycle fluctuations and long-term growth since WWII. The presence of spillover effects from research and development (R&D) imply an endogenous relation between productivity growth and the state of the economy. During the Great Recession, the endogenous component of TFP dropped precipitously, while R&D and long-term growth were not equally affected. The opposite occurred during the 2001 recession, which corresponded to a large decline in R&D. We interpret these results in light of the different forms of financing for investment in physical capital versus R&D. Monetary and fiscal interventions mitigated the drop in real activity and adoption of existing technologies. Du...
 
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