An R&D-based real business cycle model

doi:10.1007/s12232-016-0257-0

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题名	An R&D-based real business cycle model
作者	Fung，Ka Wai Terence 1; Lau，Chi Keung Marco 2; Chan，Kwok Ho 1
发表日期	2016-12-01
发表期刊	International Review of Economics
ISSN/eISSN	1865-1704
卷号	63 期号:4 页码:327-358
摘要	The New Keynesian Real Business Cycle model with staggered price adjustment is augmented with an R&D producing sector. Two sources of economic shocks are considered, namely random participation (perturbances to the value of alternative investment opportunities in another sector) and financial intermediation (shocks to the cost of raising capital in the financial intermediation market). We find that, when compared to the baseline model, both models can explain procyclical R&D spending. Additionally, the investment oversensitivity problem is corrected. However, only the financial intermediation model is consistent with the observed finding that the volatility of R&D is larger than those of investment and output.
关键词	Asymmetric information Endogenous growth model Real business cycle Research and development
DOI	10.1007/s12232-016-0257-0
URL	查看来源
语种	英语English
Scopus入藏号	2-s2.0-84969772227
引用统计	被引频次[WOS]：0 [WOS记录] [WOS相关记录]
文献类型	期刊论文
条目标识符	https://repository.uic.edu.cn/handle/39GCC9TT/6390
专题	北师香港浸会大学
通讯作者	Fung，Ka Wai Terence
作者单位	1.Division of Business and Management,United International College,Zhuhai,China 2.Newcastle Business School,Northumbria University,Newcastle upon Tyne,United Kingdom
第一作者单位	北师香港浸会大学
通讯作者单位	北师香港浸会大学
推荐引用方式 GB/T 7714	Fung，Ka Wai Terence,Lau，Chi Keung Marco,Chan，Kwok Ho. An R&D-based real business cycle model[J]. International Review of Economics, 2016, 63(4): 327-358.
APA	Fung，Ka Wai Terence, Lau，Chi Keung Marco, & Chan，Kwok Ho. (2016). An R&D-based real business cycle model. International Review of Economics, 63(4), 327-358.
MLA	Fung，Ka Wai Terence,et al."An R&D-based real business cycle model". International Review of Economics 63.4(2016): 327-358.