Business Cycles and Unemployment with Growth Through Creative Destruction
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説明
This paper examines relationships among economic growth, business cycles, and unemployment in a general-equilibrium model. The model views creative destruction as a major source of business cycles, as well as of long-term growth. I show that the expected growth rate negatively relates to the amplitude of business cycles, but positively relates to the expected unemployment rate. I also present an alternative view to competitive-equilibrium business cycle models on the relationship between employment and productivity. Contrary to competitive-equilibrium business cycle models, this model shows that positive permanent shocks cause unemployment, but positive transitory shocks lead to full employment. These theoretical results are consistent with empirical evidence. Finally, I show that an increase in the expected growth rate has a negative connection with the frequency of recessions.
紀要論文
収録刊行物
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- 琉球大学経済研究=Ryukyu University Economic Review
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琉球大学経済研究=Ryukyu University Economic Review (101), 33-53, 2021-09-30
琉球大学国際地域創造学部
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詳細情報 詳細情報について
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- CRID
- 1390575727754798336
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- NII論文ID
- 120007161200
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- NII書誌ID
- AN00250468
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- HANDLE
- 20.500.12000/49847
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- NDL書誌ID
- 031796195
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- ISSN
- 0557580X
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- 本文言語コード
- en
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- データソース種別
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- JaLC
- IRDB
- NDL
- CiNii Articles