| 000 -LEADER |
|---|
| fixed length control field |
01029pab a2200169 454500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
|---|
| fixed length control field |
180718b2007 xxu||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
|---|
| Personal name |
Barlevy, Gadi |
| 245 ## - TITLE STATEMENT |
|---|
| Title |
On the cyclicality of research and development |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. |
|---|
| Date of publication, distribution, etc. |
2007 |
| 300 ## - PHYSICAL DESCRIPTION |
|---|
| Extent |
p.1131-164. |
| 362 ## - DATES OF PUBLICATION AND/OR SEQUENTIAL DESIGNATION |
|---|
| Dates of publication and/or sequential designation |
Sep |
| 520 ## - SUMMARY, ETC. |
|---|
| Summary, etc. |
Economists have recently argued recessions plays a useful role in fostering growth. Yet a major source of growth, R&D, is procyclical. This paper argues one reason for procyclical R&D is a dynamic externality inherent in R&D that makes enterpreneurs short-sighted and concentrate their innovation in books, even when it is optimal to concentrate it in recessions. Additional forces may imply that procyclical R&D is desirable, but equilibrium R&D is likely to be too procyclical, and macroeconomic shocks are likely to have overly persistent effects on output and make growth more costly than in the absence of such shocks. - Reproduced. |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
|---|
| Topical term or geographic name entry element |
Research |
| 773 ## - HOST ITEM ENTRY |
|---|
| Main entry heading |
American Economic Review |
| 908 ## - PUT COMMAND PARAMETER (RLIN) |
|---|
| Put command parameter |
N |
| 909 ## - |
|---|
| -- |
76540 |
