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Growing Through Cycles

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  • Kiminori Matsuyama

Abstract

An endogenous growth model is developed, where the balanced growth path is unstable and the economy achieves sustainable growth through cycles, perpetually moving back and forth between two phases. One phase is characterized by higher investment, no innovation, and a competitive market structure, as in the neoclassical model. The other phase is characterized by lower investment, high innovation, and a more monopolistic market structure, as in the neo-Schumpetarian model. Both investment and innovation are essential in sustaining growth indefinitely and yet only one of them appears to play a dominant role in each phase.

Suggested Citation

  • Kiminori Matsuyama, 1999. "Growing Through Cycles," Econometrica, Econometric Society, vol. 67(2), pages 335-348, March.
    • Handle: RePEc:ecm:emetrp:v:67:y:1999:i:2:p:335-348
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    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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