Growth, slowdowns, and recoveries

• 成果类型: Article
• 署名作者: Bianchi, Francesco; Kung, Howard; Morales, Gonzalo
• 署名单位: National Bureau of Economic Research; Duke University; Center for Economic & Policy Research (CEPR); University of London; London Business School; Centre for Economic Policy Research - UK; University of Alberta
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2018.07.001
• 发表日期: 2019
• 页码: 47-63
• 关键词: DSGE model; endogenous growth; financial frictions; business cycles; Bayesian methods

摘要

We construct and estimate an endogenous growth model with debt and equity financing frictions to understand the relation between business cycle fluctuations and long-term growth. The presence of spillover effects from R&D imply an endogenous relation between productivity growth and the state of the economy. A large contractionary shock to equity financing in the 2001 recession led to a persistent growth slowdown that was more severe than in the 2008 recession. Equity (debt) financing shocks are more important for explaining R&D (physical) investment. Therefore, these two financing shocks affect the economy over different horizons. (C) 2018 Elsevier B.V. All rights reserved.