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Discussion Paper Details

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Title: Business Cycles and Long-run Growth

Author(s): Gilles Saint-Paul

Publication Date: May 1997

Keyword(s): Busniess Cycles, Endogenous Growth, Labour Hoarding, Long-run Growth, Productivity and Restructuring

Programme Area(s): International Macroeconomics

Abstract: This survey discusses the effect of macroeconomic fluctuations on long-run growth from both a theoretical and empirical perspective. It emphasizes the ?opportunity cost? approach, which states that firms will intertemporally substitute productivity-enhancing activities for regular production activity during recessions. It provides aggregate evidence in favour of the opportunity cost approach.

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Bibliographic Reference

Saint-Paul, G. 1997. 'Business Cycles and Long-run Growth'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=1642