Publicação

A simple business-cycle model with schumpeterian features

Detalhes bibliográficos
Resumo:	We develop a dynamic general equilibrium model of imperfect competition where a sunk cost of creating a new product regulates the type of entry that dominates in the economy: new products or more competition in existing industries. Considering the process of product innovation is irreversible, introduces hysteresis in the business cycle. Expansionary shocks may lead the economy to a new 'prosperity plateau,' but contractionary shocks only affect the market power of mature industries.
Autores principais:	Costa, Luís F.
Outros Autores:	Dixon, Huw D.
Assunto:	Entry Hysteresis Mark-up
Ano:	2005
País:	Portugal
Tipo de documento:	working paper
Tipo de acesso:	acesso aberto
Instituição associada:	Universidade de Lisboa
Idioma:	inglês
Origem:	Repositório da Universidade de Lisboa

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